Negotiating a REPE/REAM job offer

Hello Monekys,

Calling on experienced Real Estate PE or Development Professionals to help with setting expectations for job offer negotiations.

A little background: 1. Career PE professional with 9 years of experience. Had great experience having joined a new fund as employee number two so got exposed to a lot of areas; institutional fundraising, deal making, portfolio management, fund reporting etc.

2. For a number of reasons I would like to transition into a more operational role, chief among them is that I have found my true calling as an executive when I tried my hand at it.

3. Through my search for an ops role, I came across a more senior individual who has deep expertise in a niche area within Real Estate Development and Asset Management. At the moment can't disclose more info, but let's just say it's highly cash generative with potential for a large windfall.

4. He is offering a junior partnership position at the GP. Its a small GP with 4 partners, and the income streams are management fees + performance fees that grow over time cumulatively as more commercial developments are added to the portfolio.

5. Today at my current job, I have the luxury of knowing exactly how much I stand to make in terms of base/bonus/carry (fairly large %), vs. not knowing what to ask for.

Question for experienced RE Monkeys:

1. How is comp structured at RE shops?
2. What is a fair ask in terms of GP ownership? knowing the ownership % will mirror carried interest % unlike at my current job where the two are separate?
3. What are the key issues that I should look out for during negotiations/agreements?

Thanks in advance.