And there are sponsors that have survived multiple cycles with little to no money lost and sponsors that are brand-new (and everyone in between)So these all come with a wide range of projected returns, actual returns and experiences.

@Mark Ainley and his team are great here.Hey @Timothy Galligan - I have several properties here in Chicago that are on section 8 and I can by far tell you the most important is having the right property manager who can vet tenants properly and knows the in's and out's of all the different programs.If you are interested in Chicago happy to make some connections for you!

My team can finance your property in PA. 

There were a couple of times when I lost the deal because I couldn't get a refi done in time.Pick a reasonable goal and find a way to go after it. 

In my opinion, having a local lender can be advantageous, as it adds another knowledgeable resource to your team regarding the area.

Do you have internal teams for each market?

(I've seen a lot of groups choose this structure) (See #1)4) Become a part of the issuer (GP-side) (Yes, this means you would take more an active role in the deal)TJ I agree with your number 1 I don't know any syndicators that will pay referral fee's as out lined by the OP.. he needs to be part of the management team is my thinking .. or the fund of funds idea.. that works. 

My earnest money has been lost.

Your success is much more influenced by how well you play in a market, how good your team is, than by picking a marginal better market.

Having a solid team around you like agent, lender etc.