BiggerPockets

Your syndication offering will probably be an exempt intra state offering so as not to have to comply with the expense of Federal (SEC) guidelines. Each state has different regulations concerning real estate syndication offerings. Although an individual state may exempt certain intra state offerings, such as offerings presented only to accredited investors or offering subscribed by less than a certain number of investors (35 is a popular number), the state guidelines if any for a state registered offering will tell you what the securities division of the state considers the minimum deal investors should receive from a syndicator.
State securities laws change with every legislative session. It is imperative to engage the services of an attorney with familiarity in the practice of limited partnership offerings. If proper disclosures are not made, or accepted guidelines followed, a lawsuit(s) is virtually guaranteed whether the venture is successful or not.

What will your investors/partners want as a return?

I figure investors are going to want about 8% cash flow return from rents and 10-15%+ annualized returns (IRR) including sale profits over the life of the investment. I figure I get what is left over after my investors get the returns they expect.

SO how much I take is dependent on how good a deal it is. I would not consider a syndication if I didn't get at least 25%.