Buy or Invest in Syndications?

[Ariel K.]

Just curious - If you had 250K, would you buy real estate on your own or invest in a multifamily syndicated deal and why?  I realize there are many variables, but let's assume the IRRs are comparable.  The building(s) you can buy is in the midwest with an assumed appreciation rate of 3% annually and you are putting down 20-25% depending on the type of building(s).  The syndication fund is assumed to be a 10-year hold with the return of investment after year 5 through a refinance and subsequent earnings rates would be infinite.