While this is likely not true for Wellings, I see many, many formerly equity syndicators that seem to have deals going sideways from 2021/2022, now all of a sudden being "private credit" syndicators (I have noticed a lot of these pref equity funds/investments are calling themselves private credit, which clearly has a broader meaning).  

True non-recourse is extremely rare when investing in small commercial or residential properties and frankly does not really exist at the feasible LTVs most investors are looking to do. 

It sounds a little too good to be true.  

What is something that you thought was true about the real estate industry / investing, but turned out to be different  / not true once you actually gained the experience?

If the above was true it was YOU that initiated the agent’s involvement

Cash flow is nice and all but I am realizing that true wealth is built in equity!

They sound too good to be true, and usually when things sound too good - they probably are.

The true key to success in real estate investing is mastering the markets you know best.

The reason the GFC happened was there were all these people with mortgages that reset after a few years and they could not support the true mortgage payments.

Very true, you make your money when you buy and that formula is dependent upon your search abilities, how big of a net you cast to find opportunities, your negotiating skills, your ability to identify great locations (often near good schools), and your ability to transform the property.