Sophisticated investor in syndication dilemma

[Evan Loader]

I have been investing in private multifamily syndications for about 18 months. It was a great deal for me because I live/work overseas as a defense contractor supporting the US Navy. I want to participate in multifamily real estate but have been too busy and I am away from home too often to buy something directly. I save an outsize portion of my income as I have very few expenses with my company covering almost all of my costs, so syndications were a perfect way to get some cash flow, appreciation upside and enjoy the tax benefits of depreciation without having to buy/manage/rehab on my own. I also love the structure of a limited partner, in that you can lose your investment but wouldn't be exposed to liability beyond that. I've invested in 4 properties with good results so far, all properties are performing at or above projections even through the pandemic. 

The issue is I am still only a sophisticated investor. I am not yet accredited with a NW of $1 million(conservatively I am probably 3-4 yrs away from achieving that milestone), and the alternate  avenue to be accredited(2 yrs of income above $200k) wouldn't work for me since my tax return makes it look like I earn substantially less than I do due to the foreign earned income exclusion. The dilemma is I am earning very good money but am not yet accredited to participate in 506c deals, or even 506b deals by sponsors who only take accredited investors. 

This wasn't a problem until recently as all 3 sponsors I currently have investments with took money from sophisticated investors, and we had established relationships beforehand. However, 2 out of 3 of those sponsors are shifting to 506c syndications with accredited investors only in their upcoming deals. I understand why, as one wants to broaden their net to raise capital to advertise and the other is concerned about liability being a very public figure in the syndication space. It is frustrating because getting my foot in the door was tough not being accredited. It's an unsettling feeling having the money to invest in a deal and being told no due to something that is really beyond your immediate control. 

I am aware of the easy solutions to this. Getting to a $1 million net worth would solve this immediately, but I am not there yet and with that hand tied behind my back I feel like I am going to miss out on some great deals in the next 1-3 yrs. Any ideas that could be a decent alternative to address this? I know it is possible to buy being a long-distance investor, but I just don't want to go the active route right now. These passive syndications have been a perfect investment vehicle for me and my situation.