What does a typical multi-family synidcation structure look like?

[Michael Elfant]

Hi All - I have experience buying and operating individual rental properties but am now attempting to figure out the mechanics of how I can syndicate a larger multi-family deal.  I have a few questions that are listed below.

1. Is a preferred equity structure optimal for these types of deals and if so what % interest as well as how much equity do you give up to your Limited Partners?
2. What is the threshold in terms of $ amount for a property to be characterized as a commercial property from a lenders perspective?  
3. Is it possible to obtain a construction loan in order to rehab the units if you are not buying the property outright for cash?  ie; 20-25% downpayment
4. I'm located in the Northeast (NY/NJ) and would love to hear about up and coming areas within these two states or maybe in surrounding states like PA/CT, that are gentrifying, where the cap rates still make sense from a cashflow perspective. 
5. If anyone can recommend a good real estate attorney with experience in structuring these types of deals in NY/NJ it would be much appreciated.

Thanks,

Mike Elfant