I'm considering putting together a couple of commercial syndications deals in the next months and have a couple questions

Is it customary for NNN / fully stabilized deals to have a waterfall structure and what kind of fees are typically levied?

Since NNN deals are flat and passive is it common for the sponsor to take a promote? I can surely see an acquisition / disposition and maybe an asset management fee on these deals, but without value add component and active role in turning around the property a waterfall structure seems a bit over the top to me.