I am searching zoning, and different financial strategies like subject 2,  AITD, NNN, etc.Wholesaling commercial is a lot more than I expected but like you said this is great knowledge and a door opener for more than one wholesaling range for me to participate in. 

Get a more in-depth feel for the types of deals that your new friends like to participate in, their risk tolerance, etc.Step #3- Find the appropriate deal that would be a good fit based on the criteria you learned in Step #2.Obviously there are a lot of nuances to buying property, forming syndications, etc but I just wanted to help kickstart you.If possible, I would rinse and repeat the above steps, while attending Dave Lindahl's Ultimate Partnering in September and @Gino Barbaro's event in October. 

What We Learned–By The Numbers Over the course of a two-week period in November 2011, 50 participating agents made 6,264 phone-based cold calls, collectively.

The downside to them is that they would not get to participate in the overall profit of the project if it all goes well, but of course they also have less risk than everyone else.If they want in as equity investors, you should consider an LLC or a Limited Partnership (with the LLC as the general partner). 

Has anyone experienced losses or failures (i.e. significantly less than expected return) through participating (GP or LP) in professional MF syndications?

The other property purchased with leverage still allows you to participate in debt ratcheting and maximize your roi through debt.From the date of your sale you have 45 calendar days to identify your new potential replacements. 

You can make very high returns flipping houses but it takes a lot of time and learning.I generally find that investments I do personally have higher returns because I have total control and no one else is participating in the profits.

I know the refi and disposition fees when broken up between all participants seems small, but it is large dollars for sure.

Find some equitable way to participate in a deal, so that you both have skin in the game. 

I have participated in 1 flip and one rehab for a rental with my father in the past.