An example may be as follows:100% to investors up to 8% prefferedThen, 80/20 split up to a target IRR (maybe 15-20%)Then, an even 50/50 split thereafter.First, the Sponsor receives zero dollars if the asset doesn't perform.

As in we would each pay half of the down payment, combining our resources to buy a better property.

Again, assumption being you target higher class properties with higher rents.I should also add you COULD get lucky and be aggressive in buying out prior investors portfolio/partial.

I am targeting 30+ day stays for business travelers.

what are the pros and cons of targeting real estate owned by a trust?

You mentioned Philadelphia as your next city to target for investment.

Or see where your target city ranks.TerryTop 100 Largest U.S.

Regarding financing @Ham Merritt is spot on with everything he's shared and he knows the Milwaukee markets and lending options extremely well - a great resource to leverage.

I've got a few resources for you.

@Brian Schmelzlen  Our approach has been to identify the target markets we want to be in, then choose a broker who understands exactly the product type we are looking for and is well-connected in the metro area.