Hotel Owners/Ownership Groups/Developers - Could be a single owner or a smaller firm that will generally own all of their portfolio or will be the sponsor on all deals and have significant equity.  

There are other structures where splits shift to 100% to sponsor after the pref to catch the sponsor up before the subsequent waterfall tiers and probably a thousand other structural nuances but a lot of that stuff is just either ridiculous, disingenuous, or downright designed to be confusing so that the investors can't possibly figure out how much the sponsor is getting.

Finally, SB 1994 gives a homeowner several remedies if a wrap lender violates the law, including the remedies in the Texas Deceptive Trade Practices Act.From the Texas Senate:"Senate Research CenterS.B. 199485R6359 CLG-FBy: Zaffirini et al.Business & Commerce4/11/2017As FiledAUTHOR'S / SPONSOR'S STATEMENT OF INTENTRecent years have seen a spike in the prevalence of a particularly insidious category of mortgage fraud involving so-called "wrap" financing, in which a seller finances the sale of a residential property that already is subject to an outstanding lien, often without notifying the buyer of the senior lien, or the existing lienholder of the sale.

Unlike traditional mortgage lenders that follow borrowing guidelines set by the federal government or government-sponsored entities, private mortgage lenders or private commercial lender determine their own lending criteria and underwriting processes.private commercial lender

I have never paid a guru for a course but have gone to meetups and participated in 27 syndications over the past 5 years where I have followed the sponsors progress and learned all kinds of things.

Splits vary with sponsors and amongst states depending on license structure.  

The vendors / sponsors are paying the freight for the meeting rooms, food, etc to keep the Investor Meetings Cost Effective.

@Bobby Nilsen there are a lot of Pros and Sponsors here that are easy to find.

I am willing to take the classes but it seems that in Illinois you have to have a sponsor from a broker agency to get the license and Iowa it actually states you need to be employed by an agency to get the license.

If you are looking for a sponsor to purchase Millionaire Next Door books, I would be interested.