We have lakes, rivers, water falls, caverns, volcanoes .. you name it, it's here! 

For most of us on this discussion board being at the bottom of the asset waterfall, and selecting from a pool of leftovers, learning how to sort the good from junk is key when buying NPLs.

If the price is right, I would do it and I would build a very awesome pond, with high waterfall in the the backyard.

We don't consider the asset management fee an expense and only accept it after the preferred return hurdle is met.We use a waterfall structure where 100% of the distributable cash is given to the investor first. 

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.

Regis looking over Hanalei Bay at the mountains with the constant waterfalls.

I have seen nails blown straight into/through plumbing lines, toilets that just about fell through the floor from caulked in water-fall-leaks, and all kinds of stupidity that made that "cheap guy" way WAY-expensive because of all the repairs needed to their "cheap" work. 

While the cap and skirt looks good a waterfall install is much cheaper.

Trust me you can get really complicated with allocations and waterfalls and hurdle rates.

I work with a lot of buyers and while many are in awe of the "waterfall" counter or the shiny new appliances, some are weary of the possibility of poor workmanship and would rather customize themselves.