Can they sell more interest into this deal, lowering your participation % if you don't meet capital calls?

To leverage this benefit, prospective property owners must engage in short-term rentals and provide substantial services to guests, such as daily cleaning, meal provisions, or transportation services.Additionally, navigating a material participation test becomes crucial.

I was on one today for someone who participates here regularly and the largest transaction on their portfolio page had nothing to do with them.

Participate in neighbourhood get-togethers, sign up for online discussion groups, and cultivate connections with industry experts.Put your attention on learning about the local real estate market.

Per our Program Participation Agreement, all clients receive rate change notification via email with 30 days notice and cancellation notification for non-payment with 10 days notice.

Now, I don’t attend any events at all, just participate in an on line platform and have an email list of 15,000 mortgage brokers I mail out to 8 time per year and another list of 12,000 commercial realtors I email to just whenever I want to purchase a property.  

2) And how many horses does each participant bring with them?

In order to network with other investors, consider the following tactics and approaches:Local Real Estate Events and meetings: Participate in seminars, networking gatherings, and local real estate meetings.

That being said I would look into material participation and make sure you are eligible for tax savings based on your W-2 income.

IMO better options- If you don't need the money in the next 10+ years look into Annuities I'm seeing 7-9% and you don't have to participate in market downturns.