You can start with interviewing 2-3 agents and look for proven track record.

If the person managing the synidation does not have a pre-2007/2008 track record, that is not one I would get involved in.

Here are some key red flags to watch for:🔴 Lack of experience: A borrower without a proven track record in real estate projects may struggle to navigate unexpected challenges.🔴 Overly optimistic projections: Unrealistic ARV (after-repair value) or underestimated rehab costs can signal poor planning—or worse, a lack of transparency.🔴 Incomplete or disorganized documentation: Missing detailed plans, financial statements, or timelines could mean the borrower isn’t ready to execute the project successfully.🔴 Over-leveraged finances: Borrowers with excessive debt or insufficient personal capital invested in the deal could pose a greater risk of default.🔴 Questionable property comps: Overstated market values or inappropriate comparables may mean they’re inflating expectations.As always, thorough due diligence is your best protection.

I also keep track of the date payments are made.

What I saw was the gambit of dreamers who probably should not have spent the money to go to this event.. and then folks that were very well off and just wanted a fast track and were willing to pay for it..

This can lead to more opportunities and partnerships.Market Understanding: As a property manager, you'll gain a deeper understanding of the local market, which can be invaluable when you start acquiring your own properties.Steady Income Stream: Property management can provide a consistent income, which can be particularly beneficial in the early stages of your real estate venture.Skill Development: You'll develop a range of skills from customer service to maintenance oversight, which are crucial for successful property ownership.Brand Recognition: Establishing a presence as a reliable property management company can boost your reputation, making it easier to attract tenants and investors when you start acquiring properties.Cons:Time Commitment: Property management can be time-consuming, especially if you're dealing with multiple properties or demanding clients.Regulatory Compliance: Staying compliant with local laws and regulations requires diligence and can be complex.Conflict Resolution: Dealing with tenant issues and conflicts is an inevitable part of property management and can sometimes be challenging.Financial Risk: There are financial risks involved, including late payments or damage to properties.Market Fluctuations: The property market can be unpredictable, affecting both rental income and property values.Overall, starting with a property management company can be a smart way to enter the real estate space, especially in an area with a clear need for such services.

I really can't say what my average return was because over the decades I didn't keep track, it's not a relevant measurement.

I invested in a syndication, but it was with an investor that had a long track record.

I also built 4 other homes on the other side of the tracks that sold for 2 to 3 million each and they were no more than probably 1 mile as the crow flys.

Our relationship was getting back on track but I had some resentment from the demon years.2nd year similar to first.  3rd year was looking promising then University California TA strike.  3 years in and no way he could graduate in bio but could graduate in his hobby of German.