This real estate equity waterfall model is an example of a simple partnership structure you might use with less sophisticated partners. The model assumes a preferred return to some annual cash-on-cash return hurdle, and then a split that generally pays a disproportionate share of the excess cash flow to the sponsor above the preferred return (i.e. the promote). No time value of money component, a single waterfall tier, and a simple calculation both the sponsor and LP could quickly make on the back of a napkin at any time during the investment period.
For a more sophisticated model, check out the 4-tier real estate equity waterfall model with IRR and equity multiple hurdles (monthly periods).