We do lots of JV and have found that the best relationships are where everybody has "skin" in the game.

Naturally, that has led me into looking at some different markets.

Ideally I have skin in all three options for buying and holding as well as BRRRR down the road (diversifying).

Also ask who the natural buyer is if you choose to sell the property they sell to you.

The best benefit of syndications is the passive nature and the amount of information you can gather.

Your Natural Hazards Disclosure should have some of this but it is tricky.I think if the equity is there and you can move the money to a better producing asset, I think I would sell.

Unless you are a veteran or using a DPA program all loan products require some skin in the game (down payment) and that is how most people start their portfolios. 

If that's the case, it may be simpler to just talk with the syndication sponsors to see if they'd make an exception for you.In general, mixing money across your natural financial boundaries has some risk, so creating partnerships like the one you describe should not be done without due consideration.

Placed functional antiques in every room, an antique persian rug, a few animal skins.

The strategy you described makes perfect sense, especially given the relationship-driven nature of the commercial industry.I appreciate you taking the time to go into detail about why this approach works so well.