I’m curious to know how substantial are the returns as the sponsor/GP vs as an LP when the deal is through.

In terms of Syndications -- there are a wide range of syndications and sponsors to choose from, with each deal having a different level of risk/return/sponsor experience AND business plan (development, value-add, etc.) 

A good sponsor with experience in each facet of the project life cycle can create strong returns albeit in my example of a new build they would be on a more intermediate term. 

I signed up with crowdstreet as an accredited investor and have listened to three sponsor pitches this past week.

I am the working spouse with an employer-sponsored 401k.

But, there are "sophisticated" investor exceptions within 506b.If you attempt to take part in a 506c offering, the sponsor will require verification of your status. 

I have seen some sponsored ads on here but dont really know how much they have been vetted. 

The attorney for the sponsor was there for the closing and my attorney asked the sponsor lawyer if he had the power to write into the deed the unit is a rental and got the answer he has.

Truly passive (no asset management on your part), low correlation to public markets as you are invested in a commercial property, monthly distribution checks (depending on the Sponsor), and tax benefits. 

Want to keep my options open since I also sponsor mentees on deals.