KEY TAKEAWAYS1. The SEC protects investors who do business with operators.2. Syndication is a security and a security is a tradable financial instrument. 3. You have a managing partner and a limited partner. The former makes all the day to day decisions and the later just invests the capital and is not liable for any decisions made for the property. 4. A private placement memorandum (PPM) is a legal document provided to prospective investors when entering a deal. This lays out everything about the deal including: risk, operations, payouts and more. 5. Typically a syndication team consists of: General partners (sponsors) including the key principal, the loan guarantor, asset manager, investor relations and acquisitions. 6. You will find multiple professionals that are in on a deal including the syndication team, property managers, mortgage brokers, real estate attorneys, tax consultants and more. 7. The sponsorship team goes out and purchases the asset, executes the business plan and manages the day to day of the property. Then they sell it and the return shares are provided to the investors. 8. Many times private syndication deals perform better than public real estate offerings for private investors because there's less fees and overheads. 9. A syndication deal means you don't need to manage a property manager and you go into a partnership with expert operators who make all the key decisions and have incentive to produce the biggest return possible for your investment. BOOKSThe Passive Investing Playbook - https://theinvestormindset.com/passive LINKSLearn more about investing with Steven at https://theinvestormindset.com/invest