The short answer is yes, the long answer is they only co-invest behind other major players and only sponsors with tremendous track records.

@Chris Seveney  chris is suggesting a money partner and mostly these are done through syndications were your the sponsor but most investor want to know the sponsor has some skin in the game and is going to be there at the end or if the going gets tough.

(Because, they've heard about sponsored/costly programs that promote this as a way to pay off your home in 5-7 years, even though the same sponsors know that you likely won't, which is what they're counting on!)

These are also conservative projections (if they're not conservative, I'd say to avoid investing with that Sponsor), with good Sponsors often exceeding them.

That’s going to be very challenging unless there is an existing sponsor that already owns 60% of the building.

We Sponsor a couple of the better ones.

I am invested in 6 deals among 3 sponsors and I can tell you that they are all different.  

Most of the value add B and C class apartment deals I see generate a 25+% total deal IRR...and that is split between the sponsor and the investors. 

However you will need to be sponsored.

Of course, that doesn't apply to everyone.My guess is the accreditation rules will open further in the next 5 years as regulators get more experience with the sponsors and investors.