Structuring RE Syndication ??

[Travis Gibson]

Hi BiggerPocketers,

As I proceed on my quest to setup my first Apartment syndication deal I have encountered some questions on how to structure the required business entities and thought what better place to ask these questions than on the BiggerPockets forum so here goes.

1. As I understand it each property is held in its own LLC but do I need to I form an management LLC as well?
2. Since I am participating as both as an investor and a GP should my management LLC hold the equity stake or should I hold it personally?
3.  I have a prior relationship with all of the investors I currently have lined up so should I go 506(b) or 506(C) for my first syndication deal?
4. Who normally pays for setting up the property LLC? If the management LLC pays is this cost normally covered as part of the Acquisition Fee?
5.  Should I engage a Real Estate attorney in the target market or should I use someone local to my area?

Thanks in advance for your time and consideration.