@Christian PaulYour profile says 'new to the industry'.

The preferred return and waterfall hurdles can slide around, there is no "industry standard" so it is up to you to determine what the pref and splits should be to attract capital. 

@Jonathan TwomblyThis is one of those industries that attracts snake oil salesman faster than chumming for sharks.It's a shame but a lot of people get really taken advantage of.Always keep your guard up.

I was introduced to Bigger Pockets through a real estate investment club I attend, Orange County Investment Club (FIBI).On a professional level, I’ve been involved in the construction industry for about 8 years now.

Aside from learned knowledge through the internet, what hands-on, hard and soft skills would you seasoned veterans of the industry recommend to learn/work? 

I find it lends credibility to me as a professional in the industry and it is better to be fully transparent.

So seen my share.As a whole the industry is much stronger than in the past. however the markets are still the same they did not change..

More people living downtown --->need more living space, but lack of building space -----> convert office (and some industrial) to living space----> less office space------>more demand for office due to less inventory. 

I am a pharmacist by training and currently work in the pharmaceutical industry.

The easiest way for the industry to setup IRA's is with mutual funds which of course are promoted by the big mutual fund houses.