So given a syndication is needed because the GP, presumably, cannot fill out the capital stack for a $20mm-$100mm deal on their own, when that miss happens, it often needs to be born by the LPs, either by selling for a loss, or capital call.  

Or you may find that the intellectual stimulation of a certain job may be more enjoyable than managing subcontractors all day, in that case it might make flipping full time less attractive.

And any GP fees come from cashflow before any distributions are made to LPs.  

It makes sense that people want to get connected with syndicators and jump in as LPs, but you'll want to sound educated when you do.

It's also been trimmed at logistics, these two will need to come back up for a stimulating economy. 

Certainly there is a $ value to LPs for this.

If rates do fall, that can be reasonably expected to stimulate housing demand to some extent.

Not all sponsors are for certain LPs just like not all LPs are for certain sponsors. 

The deal for the LPs stays the same as far as returns go.

Promote occurs when your investors (limited partners or LPs) have received all of their preferred return and capital back.