Typical fees would be an acquisition fee or promote, management fee, and there is normally some sort of predetermined cashflow and/or equity split on a capitalization event. It can be as simple as a predetermined percentage of the gross, a flat rate of return which functions more like debt, a predetermined preferred return to the investor with a cashflow split above the pref (ex. 8% preferred return with 50% cashflow split above the pref), or complicated waterfalls based on IRR hurdles etc. The yield requirement of your investors (or how cheap you can get the money) makes a big difference at how competitive you can be when approaching bigger deals.
Generally the more straightforward you make it the easier it is to raise capital. Also, it might sound counter-intuitive but if your returns to the investors are too high, it will raise red flags that will make it more difficult to raise funds.
The deal should drive how you structure your fees as well. Is it a big long term turn around with a big payoff at the refi or sale but little cash flow in between? Is it a turn-key coupon clipper deal? Does it require big expenditures up front to address deferred maintenance or bring in homes?
Many investors don’t like to get into deals with a big promote, which is understandable. They don’t want you just to take the money and run, but the ability to find and structure deals is just is important or in many cases more important than the money. You should be compensated for your skill set, and on some of the deals that take longer to cash-flow or get to a capital event, that is how you will keep the lights on.
As the sponsor, you have fiduciary responsibilities to your investors, and it’s important you understand your requirements based on the deal size, how passive or active your partners will be, accredited vs non-accredited investors, the legal structure of the ownership, what percentage of ownership the limited partners will have, and if there is recourse debt will they be responsible to make personal guarantees? (Generally if they are they deserve a bigger piece of the pie), What are plan a, b, c, d for an exit…etc.
Gene Trowbridge has some decent books on syndicating, Real Estate guys have a semi-annual secrets of successful syndication seminar, and CCIM has a great course on profit splitting. Those are good places to start. Apologies for the length of the response