A decent IRR is not possible without a strong back-end waterfall to the investor, therefore you are not getting anyone aggressive without giving away substantive equity one way or the other.

Some properties I've walked through, had a waterfall from the roof coming into each unit !

The Property: San Diego, 1.5 miles from Ocean Beach, established neighborhood. 3bed/3bath with detached casita income property, ~3900 square feet on 9,000 square foot lot, waterfall and pool as central feature inside primary residence, very high end finishes and priced at 1.45M, almost $200-300 less per square foot than any near comps.

You might also check out San Luis Potosi and their waterfalls and Old World European sections.There are a lot of options out there. 

RichIt has been raining here in Kauai and the waterfalls are flowing off the mtns.

People are coming to also see the water falls, adorable small towns to walk through, and the Blue Ridge.

It’s hard to just pick 1 or 2 so I’ll just list a few.Improper economic vacancy assumptions Aggressive year 1 gross receipts projections (they immediately jump the income to new rents with no phase-in which is simply impossible)Underestimated expense assumptionsImproper use of cap rates and/or incorrect exit cap rate assumptions Failure to properly account for property tax reassessment post-sale (in states that do this)Basing exit prices on capitalized value of the income without accounting for the subsequent owner’s property tax reassessmentFailure to account for all of the costs incurred in putting together this type of deal and purchase real estate of this sizeFailure to raise enough money to pay the down payment, closing costs, finance costs, syndication costs, immediate capital improvements and still have enough money left over for capital reservesIncorrect calculations of income, cash flow, cash-on-cash return and IRR and/or a clear lack of understanding of those calculations and how to use themLack of waterfall calculationsIRRs and cash-on-cash returns that are inflated because they aren’t raising enough money—and once they realize that and raise more at the last minute the Projected returns would adjust lower but it’s too late now for the investors to evaluate the what the projections should be because they already subscribed This list is just off the top of my head—if I sat and thought about it long enough I could probably double the size of this list.

The previous owner who I met after I purchased it told me he paid 600,000 and put 600,000 into the backyard... it had a flinstone style infinity edge pool with a spa that had a waterfall and a cover tv section.

I ran there land development efforts.. from site selection through entitlements then resale. so like I said they got the waterfall's at exit but made their money on commish and PM and management fee;s if course,, 

In order to make splitting profits/losses, payment waterfalls, etc work as smoothly as possible, we plan to operate out of a Virginia LLC.