Not true, but don't believe me or anyone else, go find the answer from qualified tax professionals!

The above is true UNLESS as second lien holder you have an INTER CREDITOR AGREEMENT with the first lien holder.

West is pretty affluent and finding those kind of deals are true needles in the haystack.

If it seems too good to be true, it probably is.

For the purpose of this exercise, I would like to start by separating syndications into two categories: (1) smaller capital raises that will only attract the friends and family sized checks because they require too much brain damage for those with the larger check writing capabilities;  and (2) syndications with capital raises large enough to fit within the investment parameters of true private equity/family office check writing capabilities. 

A true Investor friendly agent will have all of the contacts and likely use them on their own projects.

Do you have MLS access for true ARV?

Especially true in CA like @Bruce Woodruff said @Sipan Y.Did you check the local regs in those areas where you are looking to make sure it is legal there?

If cash flow is the true goal for those starting out right now  you have a lot of work to do to get to that couple $hundos per month. 

The most tried and true way is with a lender.