Do you form a LLC or LLP with them?

Most attorneys can quickly form a single member LLC for under $1,000 including the fees.

@Gabriel Pietryka If I were you I would find a developer that has already completed an office to condo conversion, and form a partnership.

Depends on the type of syndication, but to name a few:Private placement memorandumOperating agreementsSubscription agreementsAccredited investor qualification formAs others have said, reach out to a local securities attorney

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Many of the new construction properties have comprehensive warranties for the first 1-2 years where you will have no maintenance, but we are still factoring it into the pro forma. 

Knowledge is information that is connected to form a system and a plan of action. 

Better, form a club on your own and stand in the path of deals.

I can also form a LLC but can't operate or engage in any business activity.

This means it is a 4.5% PRO FORMA cap rate, which could turn out to be a 3% cap rate or less if they don't get their projected rents, or expenses turn out to be higher than they thought.