Typically the more appreciation (participation in the upside) the lower the preferred return.

Syndications are a way to diversify risk over a number of projects and assets, as well as participate in larger investments passively. 

And yes if someone has 100-500-1000 doors unless their a Rockafeller, they are in a syndication either as Limited Partner or General Partner and share in the ownership.I think the bigger question to investors should be- Can I leverage someone else's expertise to access a high-growth market, participate in a project with conservative underwriting behind it, and get a strong return for my investment? 

If you pass the "material participation" test (a separate long discussion) - you can take the loss against your other income such as W2.Step 4.

Or join one in your property's area but participate remotely? 

My Solo 401k is participating as the manager on currently 18 joint ventures on both performing and distressed residential mortgages.

I’m new to Clackamas (used to live in SE PDX, prior to recently moving back up from the Bay Area) and would love to participate with the REI meetup.I’m also as green as they come to this world, don’t have anything invested yet, but am eager to get my foot in the door & am always open for learning & discussions. 

If you had been here longer or actually cared to participate more instead of surf, you would have noticed that most of the people giving the best advice never ask questions themselves.

However, I have learned, that one must have equity before being able to participate as an LP, in addition to experience and skills to become a GP.

They are pre-IPO so I can't provide an SEC link to their public documents and I'm not 'in' with investors who are/have participated in any funding rounds, so I don't have access to a PPM or S-11.