b'The operating agreement will define the asset manager and investor rights and duties and how cash will be distributed to each of the participants. Belowisageneraldescriptionofthetypicalrightsanddutiesofthe respective member classes in your syndicate or fund. Member Classes Class A ClassAmemberscontribute100%ofthecapitalcontributions necessary to capitalize the company but only purchase a portion of the ownership interests. Class A includes ALL cash-paying investors, including members of the asset management entity, who wish to contribute cash or convert pre-closing expenses or fees into a cash investment in the property.Class A Sub-Classes Class A may be further divided into sub-classes (Class A-1, Class A-2, etc.), if certain investors will have different rights than other classes. For instance, Class A-1 could be:A fixed return class that gets bought out on a refinance. This is good for short-term investors or seller financing.A private equity fund or family office that gets a preferred return higher than and prior to your equity investors, and likely gets cashed out on a refinance; and who also usually has the right to force a sale or take over operations if the property (or your asset management team) isnt performing.187'