real estate land development model waterfall issue

[randy_t]

I created a land development waterfall model for GP/LP flows using certain hurdle rates and promotes. It works fine in the base case. In the distressed case, meaning slower land sales, the IRR hurdle rates don't work because there is a need for cash later but it wasn't reserved for and I'm at a loss on how to reserve for it accurately. Anyone run into this before? Thanks in advance.