Real estate acquisition vs LBO characteristics

Hey incoming REPE undergrad here. Had a few Q’s on how REPE acquisitions at a megafund looks like:

1. Compared to corporate LBO’s - can someone elaborate the main differences between asset v corporate modelling? What do we look at differently? EV in corporates vs assets? WACC calculations? 3 statement modelling?

2. What is the practical use of JV waterfalls? Ie if your BX, surely the main types of deals are LP capital calls and you take out prudent leverage from a debt fund / bank and commit to the acquisition docs. are such waterfalls useful for co-investors? Should a REPE analyst know them in depth, and if so, why? (Assuming for RE arms of large PE MF’s)

3. what type of RE best mimics corporate industries. Leaning towards operating RE / developers here, or simply Hotel groups with casinos etc