Do not expect that to be the pref. but total IRR after receiving the promote.2.

What we do with clients who build single family and multifamily is we break the process up into several pieces.

The thing I consistently struggle with is art, especially big pieces.  

And while it is not the sexiest, maintaining your W2 job and working hard to get promoted and earning more, even if that means changing jobs every few years, is often times a faster approach to create investable income.  

Fees, waterfall structure, is a huge alignment of interest piece.

And the puzzle includes many pieces that need put together.  

I have pulled bits and pieces from forum posts to build my own spreadsheet much like you have.

That's the toughest piece. 

Last piece of advice is to raise additional capital because shortages while building ground up can be a painful proposition.

Quote from @Edward Heavrin: Remember, no matter how much investors promote leverage, interest is still a huge expense.