As best as I can understand it, they "joint venture" with the seller.

Can someone please explain the difference between a syndicated and a joint venture

Syndication is when you are soliciting money from people you don't know.When you use money from friends and family you can setup Joint Ventures, or a simple Note & Deed of Trust (use an attorney for this one).

Unfortunately, the government's knee jerk reaction to that kind of crisis, is to start a war to take the attention away from what they have done. 

If we both sell our current homes and pool the proceeds for another home jointly owned, will we both face tax penalties or no? 

Sometimes they are the capital investor on a joint venture, sometimes they provide gap funding, sometimes they provide fix & flip funds.

It makes me grin now, things are so much easier.Ideally you would join a REIA (our local one is $20 a month, don't spend $10,000 on one) where you would find an experienced, honest, partner to do a Joint Venture with.

I would Joint Venture with someone who knows what he is doing and learn the business. 

Are you doing it with Joint Venture Agreements or handsake deals.

You can form a Joint Venture etc and not worry about SEC.