In terms of your questions. Here are some resources that should get you going in the right direction.
- Spencer’s Cash-on-Cash waterfall model: https://www.adventuresincre.com/real-estate-equity-waterfall-model-cash-on-cash-return-hurdle/
- Spencer’s Waterfall model with IRR hurdles (Monthly Periods): https://www.adventuresincre.com/excel-real-estate-equity-waterfall-model-monthly-periods/
- Lecture 2.3 of the Accelerator Waterfall Modeling course: https://www.adventuresincre.com/academy/courses/intro-waterfall-modeling/lessons/monthly-cash-flows-and-irr-hurdles/
- The Partnership-Level Cash Flow section of the ‘Advanced Concepts’ course: https://www.adventuresincre.com/academy/courses/advanced-concepts-real-estate-financial-modeling/lessons/techniques-for-modeling-partnership-catch-up-provisions/
Lecture 2.2 of the Accelerator’s Waterfall course and Spencer’s Cash-on-Cash waterfall model above, are the simplest structures the guys teach/have. And I’d imagine those should suit your purpose here. With that said, if you’d like to discuss this further with either Spencer or Michael, I highly recommend reaching out to them via the Accelerator forum (https://www.adventuresincre.com/academy/forums/).