If you are doing a GP/LP structure (with a preferred return) - cashflow is distributed based on ownership stakes, then GP promote kicks in once preferred return is met.If you are doing a GP/LP structure (without a preferred return) - GP promote is taken off the top of cashflow distribution, then LP ownership stake kicks in.If you are doing a JV structure - everything is split based on ownership/capital contribution If your goal is to syndicate real estate, you definitely want to become very knowledgeable in how splits/promotes/fees work for GP/LP structures. 

I would put knobs on the kitchen cabinets, but that's my opinionAre you selling this house or are you promoting your business?  

To add to Charles Parrish post, you should be a little loud about your deals, self promote.

GP's compensation (aka fees and promote):These are tied to the deal's performance as well and are always disclosed in the GP's Investment Offering, and deal's subscriptions documents (PPM and Operating Agreement).  

I hold the position of Treasurer on one and just got promoted from Treasurer to President on the other.No worries now about "the evil board" doing anything stupid.  

And in exchange for paying a management fee and promote, you can usually hire someone to manage your investment that has years more experience than you can ever hope to gain on your own.

Moderator note: Please do not use this thread to promote yourself.

So, as much as we would really like to share what we've built...we do not promote the houses to friends and family.

Usually when the rental market is getting worse, you will see more promotions to get people into properties.

If you end up being solely a LP then the promoter/syndicator/GP would be well-served to have an offering circular or "private placement" that enumerate the risks of the project.