LP, active vs. passive, preferred returns / promote, etc.) as I have to review operating agreements at times and I have reviewed promote waterfalls.

That equity waterfalls to the next deal, keeping your net worth growing. 

Not to be outdone...here is another model:GP/LP Waterfall ExampleI sent this to Phil this evening too.

@Ben LeybovichIf I was in your deal and there was a 2X on the property value at sale before splits , that would probably give me a healthy multiple (based on the waterfall details) and I could easily re-invest the larger sum into any dozen trusted GPS to regain different losses again that same year.

The waterfall of cash flows with the promote needs properly documented in the operating agreement and legally structured.

Partnership structures can be very complex, such as waterfall calculations, specific allocations, basis adjustments, etc.2.

--So beautiful, waterfalls, tourist areas, and psudo Wisconsin. 

It lacks the waterfalls of NE GA. 

I am trying to model a deal for someone involving a silent equity investor (LP) with a waterfall analysis, I do not have much experience with that type of modeling.

When I got into the basement I heard the terrible sound of water cascading against the floor like a waterfall.