Operating Cash Waterfall looks as follows:1) Dad gets 10% pref on his unreturned capital ($4m * 10%) = $400k2) Dad / You / Sis split the next profits 20 / 40 / 40 - $80k / $160k / $160kCash Waterfall on a capital event (cash out refi or sale) as follows - lets say it sells for $5m in a few years1) First dad is paid back on his unreturned capital + any unpaid preferred returns - $4m2) Then balance is split Dad / You / Sis   20/40/40 - $200k / $400k / $400kYou could do management fees for additional involvement, fees upon a sale, etc - can go wild. 

You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings6.

There are multiple Real Estate investor networking events that happen here in the Orlando area every month.

@Ben Stanley I stayed up late after dinner & spent weekends on my computer, scouting neighborhoods and attend RE investing events.

A few tips to build it faster:1) Attend local real estate meetups and networking events—Houston has an active investor community, and BiggerPockets is a great place to connect with others before meeting them in person.2) Join Facebook groups and other online forums for Houston real estate investors.

Many syndications will have special days or events for investors to visit the property to see how things are running, see improvements, ask questions, etc.I invested in a syndication last year and have been invited to several events already, plus they give regular updates on improvements and performance.

The property is under their name but I’m thinking of moving it to an LLC (they would still be primary owners of LLC)z  Any strategies anyone would recommend to do this without creating a taxable event?

You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings6.

Calling gas when they believe they smell gas is a desired event. 

You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings6.