So, even though I was freaking out a little, I mean I was 100k in at this point (50k fee to join and 50k loan) I did my best to keep calm despite feeling pretty nervous.

Mayan ruin, ziplines, butterfly farms, Francis Ford Coppola resort, 1,000 foot waterfall, etc etc; this road will really develop over the years.

I think they are trying to pitch it as an opportunity for us to increase our share to when the sale happens foregoing the waterfall.

I wish I could have talked to a live person through this process as it would have calmed my nerves about potentially losing my money.  

Trump administration announced that they're going to be ending the relaxed FHA Waterfall from the COVID 19 era.What is the FHA waterfall?

Remain calm.

Let's assume you invest in Spark Rental, then they turn around with their pool of capital and invest in a Rise48 deal (I have also not invested with Rise48, so don't know their waterfall).  

How do you structure LP/GP splits, preferred returns, or promote waterfalls on smaller BTR deals?

You can pay a fixed return, or get more complicated with a preferred return and waterfall structure on profits.

.~75% of the syndicators and GP’s I talk to receive some form of acquisition fee for their services and often times use part (or all) of those fees to to re-invest into the deal.What is tough about that is that the fee was taxable, but the taxpayer just invested the fee so they don’t have the cash left over to pay the tax.Instead, what if the portion that they reinvested was actually re-structured to be paid out on the back end as a GP catchup in the waterfall instead of on the front end as a fee?