As a Bird Dog you have "no skin in the game".  

While it is possible to successfully syndicate a deal without a track record, (1) it will take a lot longer (2) cost a lot more in marketing, advertising, etc (3) the profit split will have to be MUCH more favorable to the passive investor (4) you probably won’t be able to cover out of pocket acquisition costs upfront, but will have to wait until investors have been paid back in full and (5) you’ll will probably have to line up professional property management and won’t be able to manage and collect a management fee and finally (6) you’ll need a secure third party escrow agent to handle funds as investors will be reluctant to wire money directly to your company.Quite frankly, I just don’t see how someone without a verifiable track record of substantial investment success, a stable of investors willing to put up some initial investment capital, access to better than market deal flow, knowledge and experience to professionally analyze investment opportunities, and capital to invest to have skin in the game is going to be able to successfully syndicate deals of any size or quality.

I apologize for this long post, theres not much that gets under my skin especially online because we know anyone can say they know about real estate and pretend to be a sucessfull investor...But throwing a company i work with under bus to potientially destroy their name that dosent sit well with me....smh

Brad advises against that for your first several deals as you build a track record, but what if somebody had relevant skills, or experience, or a big network of potential investors that trusted them, and may be ok with the sponsor not having skin in the game?  

Skin like a Rhino.

Investing seems like you have (to use an overused term) More Skin In The Game.

I have a pretty thick skin but this was an overall unpleasant experience.

I do times 3 so I have more skin in the game rather than 4x (25%) and I feel it would work more in my favor and meet the terms better.

Most likely you will need to have some skin in the game.

Multi-Family (40 units and up)Leveraged (Investors put up max 25%, Bank finances the rest) Value-Add (Finding ways to increase property value and rent)Cashflow Positive (Cashflow positive once stabilized) Refinance & Hold (The ability to pull out 50-100% of our initial capital while keeping the property)Skin the Game (Enough so they're not just gambling with other people's money)  The above seems doable so far by going through a syndicator, although I haven't seen many who want to buy and hold the properties for cash flow and allow investors to pull out their initial investments after a few years.