It seems that we can't find any company to insure this yet, so will definitely do research regarding state sponsored insurance. 

One is the "management" LLC, which the sponsors run.

., capital gains are counted as ordinary income 😭) that you could broaden the field significantly if you'd be willing to consider them and forego face-to-face sit-downs, but that's up to you of course.Looking online for the continuing education track, it looks like the acronym is CPE (continuing professional education) and the "Rhode Island Board of Accountancy accepts courses from providers that are members of NASBA's National Registry of CPE Sponsors and the Quality Assurance Service".

Equity partner to contribute 90% of investment capital (I put up 10%) in exchange for 80% ownership (moving away from pref returns since difficult for sponsor to get any cash flow before sale).

Loan amount can be 75% LTC, 18-24 month io, maybe mini perm 5 years, rate depends, points 1-2Experience of developer team, third party vendor, excess equity of sponsors to cover cost overruns, market demand, forecasted supply, Not sure, we don't really know enough

I was lucky enough to have a family member sponsor this purchase essentially.

I just passed my Illinois Real Estate Exam and looking for a sponsoring broker.

Would a commercial lender only finance a syndication if the sponsor/MP had sufficient financial reserves or is there a way around this? 

Active investors, aka sponsors, aka general partners, build relationships with commercial brokers, find apartment deals, underwrite them, conduct due diligence, raise capital, manage the asset during the hold period, and communicate with investors along the way :) If you're interested in being an active investor, I'd encourage you to find a mentor.

My late father had a partnership with a family member, nephew.They were friends for as long as one knew them, however later probably due to differing expectations, duplication and poor communication the deal went southIt was an informal arrangement on a commercial property.They were doing the exact same thing (duplication of duties)To be honest i am skeptical of partnerships unless its the variety of bring a deal(syndication/flip seeking private lender) and the other is a money partner (private lender/passive investor).Maybe also listening to a mentor where you stand to gain from the other investor's experiences and contacts (sponsor).