You might want to attend an event either live now that some are opening up, or virtual, to meet LPs and GPs and be able to get your questions answered and see if there is a fit personally. 

Thanks for an interesting and stimulating post! 

There are two programs, Personal Mentoring (GPs) and Foundations (LPs).

The GP bought them five years ago with a single JV partner, executed the value-add strategy, and now they’re at the end of the original business plan.Here’s what makes this interesting:A third-party buyer was under contract at $17.6M but couldn’t closeInstead of re-listing, the GP is buying out the JV partner at a $16.5M valuationThey’re keeping the same team in place and continuing the hold for another 5 years as a core-plus assetThe portfolio is already stabilized, 100% and 96.9% occupied, with Freddie Mac debt in place at 4.4% fixedThere’s still upside from unrenovated units and some rent growth, but no major liftTarget returns to LPs are ~19% IRR, 2.1x equity multiple, 9.6% avg.

I’ve recently started investing in CRE syndications and am looking to network with other like-minded LPs.

LPs like me got back 94 cents on the dollar and I was thankful I didn’t lose my entire investment. 

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A 50/50 split, while not uncommon in the world of flipping, is very sponsor friendly, relative to the typical syndication which will typically start at 80/20 or 70/30 splits, with a vast majority of proceeds going to the LPs, along with a preferred return that gives them 100% of the cash flow up to a certain annualized return metric.  

There are many sponsors that will siphon off, say, 30% of the depreciation for the GP, and then share the remainder pro-rata with the LPs. 

I've learned of several other LPs in the same boat through the Kelley Clarke Law firm that is representing several of us and through the Reddit forum linked below.https://www.reddit.com/r/investing/comments/1hq19lu/wavemark...A principle at the firm suspects they are under investigation by the SEC.