Syndication Manager Fees Split

[Andrew Merritt]

Hey Everyone,

I've got a great mentor that's been helping me out for the past couple of years.  He wants to take the next step and start a syndication with me.  He's got tons of experience, contacts, and access to deals.  He wants me to be the point man: handle day-to-day stuff and pretty much keep things running while he's acting as the face of the business.  I'm super pumped as this will be a great experience and take my investing to then next level.  

He's asked me what kind of cut I'd be looking for in the partnership and I really have no idea.  He's the one with all of the experience (not necessarily in syndications), and I'm more than ok with taking a smaller split, but I also want to make sure it's worth all of the time that I'm going to be putting into this.  Any suggestions on what kind of cut I should request?  

[Andrew Merritt]

Thanks everybody.  Our goal is to start out small in our local market and test things out.  We're planning on doing several of these and growing them each time.  

We have been speaking with an attorney who specialized in syndications - definitely don't want to do anything against SEC regulations.