@Tyler Bobo In addition to discussing the legal structure options with an attorney as @Brian Burke and @Todd Dexheimer suggested, you'd also want to run it by a CPA that is well versed in real estate syndications as the tax implications for debt vs equity will differ significantly for GPs and LPs, which entails that the overall bottom line will be impacted.

@Anthony Freeman, as noted, there are two primary exemptions syndicators use: 506(b) and 506(c), each having their own unique requirements as to what is required to remain in good status of that exemption.Back to your question: are you a syndicator/GP and want a form to provide your LPs to remain in good standing?

Proportionately the the assumed amount you are raising, you likely won't have much of a return left for your LPs after all is said and done on the 4 family scale of things.The key with syndication, both from an LP and GP perspective, is to get into deal that are otherwise not typically accessible to most individuals.  

Do all LPs need to see the final Cap Table in Exhibit-A of the OA.In other words do all LPs need to see who are the other LPs and their % of ownership on the deal

I purchased a Tenants in Common (TIC) interest alongside a syndicator (I own 5%, GP/LPs own 95%).

A tax shelter occurs when an entity shares more than 35% of its losses with LPs.

What is their information delivery system to LPs and how often?

So far, I have used it to invest in a couple of apartment LPs. 

@Greg Dickerson in some of the ground up development syndications (where I invested as a LP with equity contribution), I noticed the GP showed a certain bank as the lender (contributing the debt part) in the documents but a few months later the GP sent a note saying construction financing is still being sought.Is it normal for GPs to suggest they have a lender (either lined up or already provided the debt funds) while raising equity money from the LPs, and then later mention that the construction financing is still being sought?

If that's the case: key benefit is that you can take down a property worth (at least) 10x as much, and all the benefits that come along with multifamily (onsite property management, non-recourse debt, and, and, and, and, and... ).Of course, passive investors (LPs) can invest in a syndication..... passively.