In exchange, Class B does participate in the upside including a promote waterfall even before a sale when income exceeds the preferred rates, plus a split of the sale proceeds.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

everyone from "syndication" that says "democratizing access" is basically saying I would give the risk to you and the profit to me.First of all, if you can explain the waterfall offering.

Is there a waterfall structure after preferred return and if so what is it?

Beautiful hikes, waterfalls, parks, combined with Asheville's spot as the 2nd most breweries per capita you have a reason for people to vacation all year round. 

Again, others might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

Their preferred return would stop accruing (because preferred return is typically calculated on unreturned capital) but the waterfall rules on distributions would be otherwise unaffected.There is another scenario where a sponsor might want to exit the investors by returning their capital plus profits. 

It was both environmentally and culturally diverse, they speak English (not understandable English in some parts), and the currency is based on US dollar.Rain forest, Cayes, an atoll, Mayan ruins, great waterfall, Caves, interesting zoo, cool towns (really liked Placentia).I could envision visiting Belize annually.

Again, it's one-time and directly repays & compensates the sponsor for putting the deal together.There are funds that invest in syndications, but they'll typically have some kind of waterfall structure.

Terms, waterfall provisions, ability to recover money should the sponsor fail to execute?