And yes, a lawyer is a key component in most states and other states don't work at all like TX and MI.Haven't done it, the theory seems strong.

You can say that it has a savings component, that would be correct.

The other component that is figured in is your credit score (don't post it) but generally you pay a higher rate/higher fees if your credit score is below 760.

A mod'ed first may have a deferred principal component that does not show up on the loan balance and could wipe out any perceived equity you may have in second position, for example.Bob

Getting to that point is the challenge that many seem to face, but being able to execute on that seems like it is also a critical component. 

To me it seems like their rules are structured to protect the passive investors, to the detriment of the syndicators, at least until the syndicators get a few deals under their belt.  

I don't think I'm giving away the ending when I tell you that he completely failed to mention the organized and determined use of PEDs anywhere in the book. this type of subversive thinking is detrimental imoEveryone who's successful did it with a secret advantage they hid from their story?

In other areas it may have less impact or be detrimental if the local market has negativity towards solar.

As a syndicator of commercial real estate investments (currently multi-family), what would be the benefits or detriments to the syndication business of becoming a licensed real estate agent for commercial real estate. 

For a commercial project, the property is the most important component, whereas with residential, the borrower is generally the key.