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Wing 02 — 34 articles

Own Big Real Estate, Fewer Headaches

The core of the whole thing. Everything a passive limited partner needs to master.

Passive does not mean asleep. It means you know what you own and who controls it.

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Who this is for

Anyone considering a private real estate deal before wiring a dollar.

What it fixes

The sponsor pitch loses its magic trick.

How to read it

Follow the money path first. Structure beats charm, every time.

Before-the-wire file

Passive investing still has homework.

You do your best work before the subscription agreement is signed. After that, the documents and the operator carry more weight than your feelings.

  1. Locate your seat in the stack
  2. Find who gets paid first
  3. Read the governing docs
  4. Ask the sponsor the adult question
Follow the money

Understand the structure before you trust the sponsor.

Read these first if a private deal is in front of you and the pitch already sounds smooth.

01 How a syndication works, step by step Follow the money from sponsor to entity to investor. If that path is fuzzy, slow down. Learn the stack 02 The capital stack, explained at a bar The stack decides who gets paid, who waits, and who takes the hit. Learn that before the return slide. Read the stack 03 Questions to ask before you wire a dollar These are the questions that make smooth sponsors either get clearer or get nervous. Both answers help. Ask before wiring
LP file

The passive investor syllabus.

Every article answers one question: what do you own, who controls it, and what can go wrong?

01

Understand the machine

The entity, LP/GP roles, capital stack, and who controls the steering wheel.

Start this track What is a real estate syndication
  1. 01 What is a real estate syndication Trace
  2. 03 LP vs GP — the two sides of every deal Read
  3. 04 What a passive investor actually does (almost nothing) Vet
  4. 05 What the sponsor/operator actually does Ask
  5. 07 The preferred return ("the pref") — what it really means Compare
  6. 08 Equity splits & the GP/LP waterfall Map
  7. 09 Waterfalls with hurdles & promotes (next level) Trace
  8. 10 Preferred equity vs common equity Read
  9. 11 Where you sit in the stack (and the risk that comes with it) Vet
  10. 12 The fee structure — what sponsors charge and why Ask
  11. 13 Acquisition, asset-management & disposition fees, decoded Compare
02

Read the economics

Prefs, splits, fees, distributions, hold periods, and exits without the perfume.

Start this track How and when you get paid (distributions)
  1. 14 How and when you get paid (distributions) Read
  2. 15 Cash-flow distributions vs profit at sale Vet
  3. 16 What a capital call is (and when to worry) Ask
  4. 17 Hold periods — why your money parks for 3–7 years Compare
  5. 18 The business plan — what the sponsor will actually do Map
  6. 19 Core / core-plus / value-add / opportunistic — the risk profiles Trace
  7. 20 Reading a deal summary / investor package Read
  8. 21 Reading the Offering Memorandum (OM) Vet
  9. 22 The PPM — what to actually read Ask
  10. 23 The subscription agreement — what you're signing Compare
  11. 24 The operating agreement — the rules of the deal Map
03

Interrogate the sponsor

Documents, track record, alignment, red flags, and questions before the wire.

Start this track How to vet a sponsor (the #1 skill)
  1. 25 How to vet a sponsor (the #1 skill) Vet
  2. 26 Sponsor track record — what's real vs spin Ask
  3. 27 Alignment — does the sponsor eat their own cooking Compare
  4. 29 Red flags that should make you walk Map
  5. 30 What "returns" actually mean (projections ≠ promises) Trace
  6. 31 From wire to distribution — how your money flows Read
  7. 32 The exit — sale or refinance Vet
  8. 33 Funds vs single-asset deals Ask
  9. 34 506(b) vs 506(c) deals — what it means for you Compare
Previous wing Previous: W01 — Foundations Next wing Next: W03 — Underwriting & Deal Analysis
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