It seems an analyst role is the baseline entry position into CRE so I've been taking multiple courses and earning certifications in financial modeling (pro formas, equity waterfalls, development, etc). 

If you're using carpet, the tight fit that follows the contour under the bullnose is called a Hollywood style, the more loose fitting installation where the carpet rolls from bullnose to the next tread is called a Waterfall style.

Acquisition fee 2.95% of purchase price of assetDisposition fee 1% of sale price of assetAsset management fee: 1% of equity raisedFund admin fee: .25% of equity raiseTheir waterfall is 70/30 split until 13% IRR then 50/50 

Water falls, 8% prefs, or certain percent on sale/acquisition/operation.

I point this out because too many developers are overly generous at discounting the value they add.Even if it means the distribution waterfall is less favorable, these fees allow you to hire people to help scale your real estate investment business.

Some use a preferred return, others invest a significant amount in their deals, others use incentives or waterfall structures. 

What's the hurdle point & waterfall structure look like?

Look at different sponsors and what they charge for acquisitions fees, management fees, capital event fees, disposition fees, waterfall fees and such. 

If you use a bit of imagination then you can work wonders with shipping containers with some fascinating architectural features, like atriums and tall indoor waterfalls.

This is sometimes referred to as the waterfall.