Looking for insight from GP’s/Sponsors - best advice for new GP
I have intermediate experience in commercial analysis and brokerage and can look at a deal pretty thoroughly but am putting together my first deal and have my capital partner ready to move when I find something (ideally Texas market, but looking in many national MSA’s and asset classes)

Looking for insight on  market fee structures, return rates, acquisition criteria, where Sponsors find their deals, what to watch out for (good and bad), what a co-GP relationship looks like if partnering for experience, LOI terms, operating agreement structure, any previous deal info they can provide, how they do due diligence and forecast/find the skeletons.

Any practical insight into this for our first deal with one or two capital partners for commercial deals of retail, multi-family, storage, and air-bnb portfolio or large vacation venue would be great!
[{"id": "hbrufzd", "text": "A lot depends on the type of asset, and where you are.  As I've seen the gamut of waterfalls for example, anything from 50/50 (investor to GP) for newbies in development or value add, to 80/20 for different sponsors for core or core plus mf.  So, there are a large range of terms and fees, and not any average (though it seems like the most common I've run across is usually something in the 6-8% preferred and then 70/30 waterfall, for a value add multi-family play).  I've not run into any airbnb syndications.  Office and retail are more on the common side (though MF seems to be the most common), and storage is a bit rarer (so can feature less competive waterfalls/fees).\n\nThough, if you want to see a slice of the market, I would probably join one of the crowd funding platforms, like crowd street and take a look at their deals.  Granted, most of those sponsors are targeting multiple smaller investors.   \n\nAs for the rest, there are literal books going over these topics, such as investing in real estate private equity by sean cook, real estate finance and investments by linneman, etc.", "replies": [{"id": "hbs6cnx", "text": "This is perfect, thank you so much for the comment and insight!", "replies": [], "depth": 2}], "depth": 1}]