I only have 9 units and see some require 500+ units to participate. 

Quite the opposite: I invest my own personal money in each deal alongside our members, as just one more participant.

No promises but what you may find yourself in a deal  with limited $ because you learned what your network is looking for or someone in your network allowed you to participate in a deal.  

@Don KonipolWe have done very similar on a quasi participation agreement where it’s a 12% loan and 2 points at $500k.

Ask your current bank if they have a participating bank partner who will do Consruction loans.2. 

When you have a big cost segregation depreciation plus your big startup expenses such as furniture and supplies, and you then have a big tax deduction against your big W-2 income because your passive losses are no longer limited with your big material participation, it increases your audit risk a ton.

Any real estate ventures would be things I consider fun where I can participate in some fashion without doing the bulk of the work and I would derive some autonomy, mastery, and purpose goals from.  

There is no right answer of course, just wondering how today’s participants in real estate view this transaction.  

Look for other things you might be interested in that other investors participate because they have other interests.

Why would you give them any participation unless they did something other GC or realtor cant do which is doubtful in the bay area..