This means that the institutional LP will have something to say about the size of the fee and they can force a haircut if you are charging more than they want to pay.As a sponsor, I see no reason to give up any promote split to the capital-raiser because there are tons of equity consultants out there that work off of a small percentage of capital raised (charged to the deal not to the sponsor) so giving up a slice of promote would be out-of-market.  

I’ve spent the past 7-8 years in politics - as a campaign manager, operative, and consultant.

I had already moved from Silicon Valley to Swiss Bank Corp's London office and then on to a consultancy before I volunteered to beta LinkedIn.

2) Will the entity hold capital assets that will appreciate in value3) Do you want to allocate income/loss in a fashion outside of the capital contribution percentages4) The amount of income generated by the business5) etcThis is something you want to consult with your accountant/adviser before proceeding.

Normally, they will actually have a consultant who sets it up and makes major changes when needed.

@Scott Meyers  has a storage academy  that's the one I went to in Vegas this year.. lots of good info there..I would make contact .. your probably on the advanced ( well not probably you are ) advanced side on the development end so it would just be running the numbers.what I saw scott teach though was hiring a consultant for market study in that study will probably answer your questions and you will need it most likely for your debt financing unless your paying cash.

For best result consult with alawyer

Full disclosure, I'm a consultant for STA.

I have done flips, BRRR, rentals, lease options, wholesale deals, multi units, consulting and now in the process of my first development deal. 

I'd consult an attorney.... or just call the city and ask for advice