If you were a "money partner" investing 100% of the required funds in a real estate joint venture with an operating sponsor, which of the following cash flow structures would be most advantageous to your position? In other words, which deal below would you prefer?

a. All cash: Split 75/25 until money partner has recovered his full investment, then all cash split 50/50

b. Operating cash flow: 8% preference return to money partner, then 75/25; Resale: Recoupment of money partner investment, then 75/25 split

c. All cash: Split 75% to money partner; 25% to sponsor, regardless of source

d. All cash: Split 25% to money partner; 75% to sponsor, regardless of source