A form term sheet for a real estate development joint venture to be formed as a limited liability company between an operating member, which is the minority member, and an investor member, which is the majority member. This Standard Document is a term sheet for a proposed real estate joint venture that intends to develop commercial real property, such as an office, multifamily residential, retail shopping center, or warehouse building. While term sheets are generally governed by state law, this jurisdictionally neutral template is useful and relevant in every state. This Standard Document has integrated drafting notes with important explanations and drafting and negotiating tips.