RE PE LBO test / case study - MF analyst position

Hi!

I have an upcoming c. 1h-1h30 case study/LBO test for a MF in RE PE and have some questions. Would appreciate any help!

Thanks

1/ General question on IRR:

Assume cashflows are +100 in years 1, 2, 3, 4, and 5. They sell in year 5.
Do I assume the firm is getting the cashflows as they come Or do I calculate IRR as if they collect 500 of cash in year 5 (which would represent less IRR)? I understand the answer depends on whether the investor actually gets the cash or not (eg through dividends), but am asking about how to do it in a modelling test if that's not specified. 

2/ Question regarding cash on cash multiples:

In some online lbo test solutions, they do: sum(years 1,2,3,4,5 cashflows)/-year0 cashflows. In some, they do sum of positive values / - sum of negative values. Which is it? 

(ie if year 1 cashflow is -100, is that in the numerator or denominator?

3/ Question regarding taxes:

Most RE PE tests don't seem to have a tax rate, bust most corporate PE tests do. Why? Can I not treat the asset like a firm paying taxes? Or do I just assume a tax rate?

4/ What exactly does the RE income statement/operating model look like? My understanding is the below:

+Rent income

+Other income

-OpEx

=NOI

-Other costs (eg G&A - not sure what some other examples are)

=EBIT

-Interests

=EBT

-Taxes

=Net income

(or just apply tax rate to EBIT to get to NOPAT, then apply capex and other things to get unlevered cash flows. Then do interests and debt to get levered cash flows).

5/ If I have c. 15min to prepare a presentation of my LBO, with a basic powerpoint, what should I include?

6/ In general I am more familiar with corporate LBOs / case studies. What is the exhaustive list of RE specific things I should learn for a basic real estate LBO (c. 1h-1h30)?

7/ Any insight on the tests typically used by MF REPE teams?