Open ended syndication

[James Wright]

Hello! 

I am considering forming a syndication in Louisville Kentucky, and I see that most syndications are closed-ended.  Meaning that they are for a specific timeline usually 5-10 years.  In my business model, I plan to keep property indefinitely, so no planned exit. 

Have any of you formed syndications or LLCs that are open-ended? 

Or maybe a hybrid where some investors can be replaced every year after 5 yr lockup?

I would likely need appraisals or some mechanism to measure value upon each buy in too. 

Thanks! 

Jimmy