The four partners in TriCore Storage Fund I (MGT1) each have over 15 years in the self storage industry and have syndicated over $160 Million in self storage projects during that time.

Quote from @Andy Port: I'm currently looking to take some money out of traditional investments and begin investing directly into real estate as a passive investor on syndicated deals.The internet is pretty much copy-paste with advice on how to access real estate and defaults to saying "Just invest in a REIT - its the same" except you pay for the entire pool of existing properties (even if they have low yields in less opportunistic areas), the entire management team's multi-million dollar salary and their private jet, etc...

We've also done around 25 million in seller carry backs, and refinanced around 25 million from the portfolio.

I am selling around 1.2 million to my business partner.

If this was a million dollar piece of land, thats an issue. 

See the 2020 aerial view below.Very little undeveloped private land is left in the Las Vegas Valley, and desirable areas cost more than $1 million per acre.

I mean if you are talking about a $2 million house than sure $160k damage is possible, but if $160k is the replacement value of the home its hard to imagine a payout near that for a pipe burst.

This bipartisan proposal responds to the urgent need for new housing, with estimates suggesting a shortage of up to 5.5 million units nationwide.Legislation like the HOUSES Act, which has received bipartisan support, aims to unlock millions of new homes by using underutilized federal land.

BUT, I am confident that while the above covers MOST situations, in a country of 300 million + people there are locations where a 12% ROI exists for a car lot - though you may be giving up the “windfall” of a developer wanting and willing to pay a premium for your lot.  

No need to even look at a sponsor that is making millions from acquisition fees and also keeping 50% of profits on the back end.