Blind Pool vs Real Estate Syndicate. What's the difference?

[Joshua Manning]

Okay so the more I look at the two options the more they start to seem more and more similar. in both situations Investors are giving their money to a central figure (Operator/Sponsors) who goes and invests in real estate with that money.

However, for some reason a Real Estate Syndication is required to register with the SEC and a company with a Blind Pool is not? What's up with that?

Why are syndicated deals required to be considered securities and blind pools are not.

And how can I go about starting a Blind Pool Investment company that isn't mistook for a Unregistered Real Estate Syndication?

I appreciate any feedback that any of you here can offer me.