Syndicate a property already in my portfolio?

[Jon Hinkle]

I have no idea if my title makes sense or is even possible, but I'm wondering if anyone has ever purchased a property and once stabilized, raised money to pay off the mortgage.  I currently have a multi-family property and I'm not sure I'm ready to raise money to syndicate a new property, of which I have no real experience, but I think I could very easily determine and sell others on the property that I currently have since I already know all the numbers now that it's stabilized.  I recognize it's syndication in a completely different way, but conceptually it seems possible, logical, and legal... I think :/.  I would raise funds to pay off the mortgage and then use those funds to provide a return to myself and other investors.  I'm not sure I would sell it to a new llc or not, but if I did, I could even take the funds from the sale and purchase another property with a mortgage.  Does this make sense?  Has anyone ever done this?  Can you see some pitfalls in my logic?  Thanks for any and all perspectives!