Also, do you waterfall or straight split?

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

Stay calm, Keep cash handy, Keep a long term perspective

In this scenario there is more pressure on the sponsor to really perform as they have 10%+ to return/year or it will accrue, therefore getting into the waterfall is more of a task. 

https://tradingeconomics.com/united-states/housing...you know everything being equal I get that.. but this time around its not equal.. there is a big gaping hole in construction financing for new builds.. that is keeping starts down for sure.. and then land to build on.. lead times in many jurisdictions are measured in years. but I believe the prices are stabilizing.. and one thing for new construction that slows it as well is the material costs sky rocketed and there fore unless prices rise margins are too thin to build.. something has to give.. if demand for lumber calms down maybe we will see lumber come back to historic norms.. 

Calm down Beavis.

Assume a project cost in the 10-50mm range in gateway / primary markets 90/10 dealI currently use the following UW Assumptions: cap rate expansion: 5-10 bps per yearrent growth: 2-2.5% annualProduct type:                      mid rise affordable MF spec developmentTerm:                                 3 yrs holdYOC:                                   6-7%Trended ROC/spread:          150 bps > exit capLIRR:                                   16-17% EM:                                      2xLTC:                                    65%LPs pref:                              9%Waterfall:                            80/20 to 13%                                           70/30 to 18%                                           65/35 thereafterLook forward to what others have to say

She calmly explains that there is a leak in her ceiling and she needs a maintenance person to come take care of it. 

Calm down it’s a forum for real estate investing not whatever you’re trying to turn it into.

Bergen-Laffayette area has calmed down but crime is still present in that area, even after they added a real nice park in the area!