The back end retirement plans are different with respect to qualification, plan contribution limits and other factors, but both can be fully self-directed into assets such as real estate, with checkbook control.

. - What are their qualifications and licenses for property management in that state?

@Karin DiMauro I do many deals in rural areas where buyers utilize USDA loans and I will try to address some of the potential pitfalls from a seller's perspective :Property Location and Buyer's income must meet the areas and guidelines provided by USDA-  The Buyer's loan officer should be able to provide a pre-qualification letter stating the amount the buyer can qualify for, that the buyer is eligible for the program and that the property falls within the guidelines.Do I have to pay all the buyer's closing costs ?

There doesn't seem to be any real qualification/education involved in being a licensed GC, as @Bryan Chambers has mentioned.  

If you meet all the qualifications then yes you get this.

I'd recommend discussing this with your CPA to ensure you'd meet the qualifications and be able to benefit from this strategy. 

If there are multiple applicants who meet the minimum qualifications, how do we take the preferred one and deny the rest applicants the right way?

Syndication is not a DIY area of the law, and there isn't a single document that could be called a "syndication contract" as the offering package generally contains a group of documents, all designed to work together, including required disclosure documents (depending on your investors' financial qualifications), your "investment contract" (which could be an LLC operating agreement, a limited partnership agreement, a JV agreement, a note, or other such instruments, which must be carefully drafted to protect you); a subscription agreement (where the investor basically accepts the risk of investing) and the required federal and state securities notice filings.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

(taken from this web-site http://www.lawmg.net/articles/determining-%E2%80%9Creasonable-compensation%E2%80%9D-s-corporation)(1) the individual taxpayer's qualifications (more qualified, higher wages);(2) the nature, extent, and scope of the individual taxpayer's work (more involved, higher wages);(3) the size and complexities of the business (larger and more complex, higher wages);(4) a comparison between wages and the gross and net income of the business (wages should be higher if income of the business is higher);(5) the prevailing general economic conditions (better economy, higher wages);(6) a comparison of wages with distributions to other stockholders (distributions should be comparable to those of other shareholders);(7) the prevailing rates of compensation for comparable positions in comparable businesses (wages should be close to those of the person with a similar position in a similar business);(8) the wage policy of the business for all employees (wages should be similar to those of other employees in the business and not lower than a subordinate employee’s wages); and(9) in the case of small businesses with a limited number of officers, the amount of compensation paid to the individual taxpayer in previous years (current wages compared to historical wages should show reasonable trend).