Distributions are being paid from reserves or out of syndicators own pocket.Syndication B: Sold a deal and achieved a 30% net to LP IRR.  

By utilizing one provider for both services, both can be aligned, customized to your portfolio’s needs which should achieve a better outcome overall.Real estate investing can be very complex and navigating taxes, compliance and insurance can be overwhelming and complex, deterring some people from expanding their portfolio or from investing at all.

I consider that a liability,  don't want it on my balance sheet and if I were out of funds I would sit on the sidelines before entertaining that deal.

Sure, it’s easy to get nervous about over-leveraging... no one wants to feel like they’re juggling flaming torches while balancing on a high wire.

How do you balance these strategies, and what signals do you look for in deciding to hold or flip a property?

If you use a HELOC I would do a project where you can pay it back(BRRR, Flip) and not keep a balance. 

And, having ready access to capital allowed us to scale more quickly.  2) Because the compensation is so balanced, it makes passive investing much more attractive.  

If you are planning to pay the HELOC back after each flip but then draw it right back out to buy the next one, you will have a loan balance most of the time and a refinance might work just as well for you.

My goal is to achieve a good cash flow and rent out properties for a long time.

Reach out to individuals to determine the right fit, as the best mentor should balance support with decision-making.Good luck!