Are there any securities in Syndications

[Guy Idan]

Hey.

As a real-estate newbie, would love to hear your perspectives on this and learn. 

My question is - Is there any security for the LP when investing in a syndication? Meaning that if I go buy a 4plex for example, I have control and own the house. I paid $500K but I have a 4plex as a security against the $500K I paid, so as long as the property value doesn't go down due to some major economic crash, my $500K are safe in the house.

However when looking at syndications, if I put that same $500K and just as *one* example the GP is going bankrupt, from my understanding, I just lost $500K. 

Is that the case or am I missing things? 

Would appreciate your look on this.

Best,

Guy.