You are putting together a deal to fund the acquisition of a medium-sized multi-family property in Morristown and need an additional $800,000 to close on the property. You set up a partnership agreement where your financial partners receive a 10% preferred return on the cash flows from operations, where their capital account is accumulating. You will receive a 0% subordinate return on the cash flows from operations. Any distributions in excess of the required returns is based on a 50/50 split. The projected cash flows for the investment are given by:

What is the balance of the limited partner's capital account after the distribution in the first year?

What is the promote you receive as the general partner in the first year?

What is the balance of the limited partner's capital account after the distribution in the second year?

What is the promote you receive as the general partner in year 2?

What is the return of capital received by the limited partners when the property is sold in the third year?

What is the return of capital received by the limited partners when the property is sold in the third year?