First, only awarding 10% of the common equity to investors providing 10% of the purchase price implies no step-up. There is a market step up of ~redacted, meaning in this instance you would award 15% - 25% common equity to your investors
Second, there is a whole waterfall of how premium equity returns to investors, you can find good posts here on SFer, but all the premium equity most be returned to the investors (potentially including annual coupon payments) before common equity distributions are made. Once premium equity is returned, yes common equity is distributed from FCF. Don't forget about tax distributions if you are operating out of a pass through entity like S corp or LLC

2x them seems fairly standard so 10% money -> 20% equity. How they get distributions will be in part a structural decision and in part a business strategy decision. Investors piled into plenty of businesses with absolutely no immediate cashflow prospects right, the range goes through to venture funding SpaceX…. Think you would have a more productive conversation here if you were zoned in on industry, which will naturally filter investor profile and what you could do for them anyways, etc….