I have seen one that essentially has a 20% pref (if you invest enough), but no upside in the deal.I would search around for syndication structures, waterfalls, syndication fees, etc.  

The split can be a fixed ratio, say 60/40 or it can have a waterfall structure where the ratio changes more in favor of the GP the higher the returns are.

I suggest creating a few models (including waterfall) and running it by a few experienced deal sponsors to get a feel for which direction to go to.Best!

Let the lion and your bestie fight it out while you hop calmly into safety. 

When faced with a foreclosed owner who appears calm and not highly aggravated, I derived a method to simply trade time in the property for their actually leaving the property in relatively cleaned-out condition.

(check comps, expectations for area first, i'm up north snow area....)bathrooms, get rid of anything gold. chrome/brushed steel/nickel... maybe modern but you want serene/calm/spa. choose paint color wise.kitchen: there seems to be a mix of black can painted plastic and metal pulls. how are the cabinets?

We don't charge any additional development fees or give any preferred returns or waterfalls.

They mismanaged one of my sec 8 properties into abatement, thereby losing the tenant and the worst part is that they then calmly informed me that they were resigning and walked away leaving me holding the wreckage they had created.

That is what keeps me calm and low risk.

Looking at the base cabs and waterfall island countertop, did you spend some time on GW?