Taking over as GP from a PM position mid development
I've been involved with a small dev group that has me on board as a project manager with my compensation based completely on a profit share of the NET upon sale or refinance. I was very green when I took the role and am still fairly unfamiliar with the ins and outs of GP/LP partnerships. 
Today they asked me to take over as GP since they feel there has been mismanagement and/or lies from the current GP. We are at the 1 yard line with buyer in contract and likely to close by February so it is a strange power move by the partners that I'm getting caught up in. They offered to double my profit share for the additional liability but I'm concerned about the risks I open myself to.

Is it legal for an LP to remove the GP this close to disposition?
Can the current GP kick up enough dust to hold up the sale?
How much additional risk am I taking on due to unknowns in the background or moves made prior to my involvement?
Is it time to lawyer up?

Any input is welcomed. As I said, I'm fairly new and took the role to get some experience to leverage in to future PM/AM work and am feeling in over my head.
[{"id": "gekdcdv", "text": "Sounds like they are looking for a fall guy, the books are cooked Johnny! Get OUT!", "replies": [], "depth": 1}, {"id": "gf0plyv", "text": "Yep. Agree with hugedeals below. does not sounds like a great situation. And yes, because GP's are in a position of control, you assuming that role means assuming that control and all the legacy issues that comes with it... \n\nRemoving a GP is no small thing and if there were any value left for the GP and the situation weren't totally FUBAR, you could expect that GP would be putting up a pretty good fight. \n\nBUT if you decide to run with it, I would ask for a 50/50 split above return of capital to LPs... sounds like they are in a bind and you are the only guy to fix it. So if you are going to do it, don't do it for more than a few profit share points!", "replies": [], "depth": 1}, {"id": "gf8ruz1", "text": "Agree with both u/hugedeals and u/fukurokuju18, this doesn't sound clean. Whether it is legal for the LPs to remove the GP, your partnership or operating agreement for the vehicle might have the answer to that. Honestly, even 50% to GP above the return of capital just doesn't justify the risk you'd be assuming in that role \u2013 a lot could fall on you that could bring legal implications beyond comprehension.", "replies": [], "depth": 1}]