What should the EB-5 project documents say?

Different state laws could affect some of the differences. Also, I am guessing they were drafted by different levels of professionals. There are EB-5 services that will do an analysis for you.

EB-5 investments are private placement offerings exempt from SEC registration. So, as an investor, you are responsible for thoroughly evaluating the risks. U.S. securities law emphasizes disclosure over fairness—caveat emptor (buyer beware).
Two key documents are the Private Placement Memorandum, which outlines material factors and risks, and the Operating Agreement or Limited Partnership Agreement, which details your rights in the New Commercial Enterprise. Risk considerations vary by project; for example, in real estate developments, you may want to assess whether the developer has adequate financing with or without EB-5 funds, how the funds are invested or loaned to the project entity, potential conflicts of interest, sustainment periods, distribution provisions, and the sponsor’s freedom to redeploy funds. Ultimately, EB-5 risks fall into two categories: immigration risk, primarily tied to the developer completing the project as planned, and financial risk, which affects if and when you can recover your principal—often influenced by local economic conditions.

Each project sets its own terms. You have to decide what terms suit you the best. An attorney can help you understand the terms and a broker dealer can recommend investment projects. The majority of potential EB5 investors cannot do this on their own.