Get your personal finances organized into a folder with your tax return and a personal income statement and balance sheet.

If the rental you have, is not showing on a tax return just yet (you bought it after your last tax filing) then the calcs. look like this: Gross rents X 75% minus PITIA payment.

Having to this made me cringe a little, the original strategy on the project was to BRRRR, but due to some hidden costs that popped up, renting it out no longer looked like a solid return.

Gives you a cash-on-cash return of ~25-27%.

It sounds like you might be talking about a cumulative preferred return.

My group is currently looking for value add opportunities to maximize returns and preserve capital for further expansion. 

The benefit you get in cash flow is usually the smallest of the returns from investing in real estate.  

You could put it in the market if you wanted to chase returns, but you have to be ready for some swings (kind of how the past week has gone).

It sounds like they are suggesting to you to establish series LLC = one tax return with multiple entities underneath one parent LLC.

I'm putting together a deal that includes a preferred return and split.