16, 32, or 64 units for first syndication?

[Jeremy Toney]

What are you recommendations on how many units should be targeted on someone’s first apartment syndication?

What are your favorite markets for multi family investing?

[Greg Scott]

That is a provocative question.

If you have little to no experience, you should NOT be doing a syndication of any kind.  When you have the livelihoods and life savings of people in your hands, it is a massive responsibility not to be taken lightly.

If you aren't a total newbie, but haven't done a syndication, the smaller the better to cut your teeth on the new issues related to managing investors, communicating, managing distributions, dealing with SEC attorneys, properly filing K1s, etc.

You picked some curious numbers as choices for the number of units, so I choose not to choose from that list.