LLCs, Partnerships, and Syndications

[Felix Piper]

I plan on investing with some partners, mostly close friends and family. I will mostly manage most of the work: underwriting, rehab, rentals, etc. I have talked to several accountants and lawyers, and have received conflicting information. Do I need to set up a syndication for this or would a partnership under an LLC be ok? Can I have passive investors in an LLC? Most lawyers have said this is a security and I need a syndication, but most accountants say they set up LLCs that way all the time... I was also told that the LLC interest has to be divided based on the capital contribution and cannot be divided based on the work, for example it can't be a 50/50 partnership if one puts all the money and the other does all the work.

Any additional insight or leads would be helpful! Thank you in advance!
And if it matters, this is for CA.

[Basit Siddiqi]

an LLC / Partnership and syndication are not mutually exclusive.

You can have an LLC that is a syndication.
You can also have an LLC that is not a syndication.

Are you engaging with the accountant / attorney on a paid consultation or a free consultation?