Also debating HELOC (more involved but better rate) vs Asset backed LOC (easier but not as attractive rate).

These are individuals who are already conditioned to take on greater risk with the hope of a higher reward outcomes and will be attracted to the potential of syndicating real estate deals.Despite the greater risks associated with their current professions, I am sure most if not all are involved in businesses with  greater than a 2-3% success rate.

There are no real estate agents involved. 

Was Andrew Weiner the only one not involved in the indictment? 

An attorney can give his opinion as to what the odds are of the different ways a legal dispute can play out, but it’s the investors decision based on a cost/benefit/ risk analysis to decide how and of to proceed.There’s no way for anyone to render an opinion about what you “should” have done without (1) complete information as to the property being purchased and (2) complete information as to the risk tolerance and financial makeup of your investment group.Here’s my advice - don’t second guess yourself based on opinions of people who (1) don’t possess “all the facts” and (2) probably never acted as sponsors of a syndicated investment.  

The only thing crashing are the ones not getting involved in this market, a lot of money to be made!

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Uri Gofman, weren't you and Alexander "Alec" Vinokur from Realty Now all involved in an indictment for mortgage fraud?   

This could involve a right of first refusal for the other party, buyout terms, and a method for determining the sale price.Rental and Use: Define the rules for renting out the property or parts of it, including how income and expenses will be divided.

There will still be some involvement you will need in the deal.