Apartments "Syndication" not really Central Austin

[Matthew Teifke]

I'm currently looking at a 50 unit complex to purchase here in Central Austin. The cap rate is 5% and there's a lot happening in the immediate area which is why I'm bullish on this complex.  My question here is with all of the syndications that take place have you heard of people putting money together to finance a deal without a sponsor taking a set percentage off the top ? I'm considering taking the lead on this complex and managing the property but I'm not taking any kind of preferred return. The idea is that my investment is in the same position as yours. The only difference is that I would be paid a commission and a fee on the management.