So to this day I personally will never ever have anything to do as a sponsor for syndication ..

Unless you have a commercial bank sponsor who knows your plan and you have a track record... just saying... if I was a bank, I wouldn't lend a penny without a lease or current (stumpage, most likely) valuation. 

That person must be sponsored and employed by a sponsoring broker.Only exemption would be an onsite residential manager engaged in leasing activities.

Unbeknownst to us nearly 40% of the building is owned by the "Sponsor" which rents out their units.

Let along state and gov sponsored programs you can use. 

I got my license pre 08 based on my HML experience in CA.but today its just like real estate at least in the states I know.. you need a mortgage broker / banker to sponsor you.. then work for a few years then you can apply to become your own banker broker.but do check the state laws. 

@Kurt Granroth, the investment prospectus from most sponsors don’t address the tax issues because everybody’s tax situation is different, and most sponsors aren’t tax experts that are qualified to give tax advice.

The lower priced stuff doesn't have the cap rate they want.The Dollar Stores tend to not be in areas the buyers want though they like the 7 caps.I am finding a better match for the 500k buyers to invest with me as a sponsor on larger deals that have they quality they are seeking.

Apart from learning/educating, you can choose to work with experienced Sponsors by investing in their deals.

You also want to find out the percentage of owner occupied units vs those leased, and the number of sponsor held units if any.