These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote. 

Also, the sooner you can plug in actual numbers rather than projected, the sooner you can determine whether specific deals work or not.

Since in Florida there's only one major insurance which is run by the state it's called Citizens they require an inspection in order to determine if they will insure you or not.And yes if the inspector gives your roof no life left this they will not insure you.

@Jean G.The reality is: it dependsIt’s a numbers game where you need to first determine: what yield do I want and what are the outcomes/ risks involved that could impact thatBuild yourself a financial calculator to understand this but also understand you need to know every process and how much it costs and how long it takes90% upb on a commercial property in a non judicial state with equity and default interest at 15% is a great deal but take that same asset in another state which also has long eviction laws and it could be awfulLastly bankruptcy could wipe out some of your lien depending on the type and how the loan was written.

Determine how much money would be needed to handle each risk, and determine if you have sufficient liquidity / cash flow to ensure you can “stay in the game”.This is of course in addition to all normal “due diligence”, financial forecasting, etc. 

There won't be a test or screening to determine your qualifications.

Buying multifamily is not about what the seller did but understanding what you can do and how much it will cost you do to it, then determining if the financial reward is worth the effort to undertake it.  

This is really our jumping point to determine if we want to carry multiple rentals or just keep it to the one we have in Alexandria, VA.

Always mind your due diligence to determine if the company you want to work with is legit.

Yes don't split it as that is making a determination that they are owed it equally.