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Frequently Asked Questions

A syndication is a partnership between several investors. They combine their skills, resources, and capital to purchase and manage a property. The syndicate consists of a General Partner (also referred to as a “Sponsor”) and Limited Partners (investors).

A General Partner (see below) is an individual or, more commonly, a group who spearheads the acquisition process and manages all decisions related to the asset (construction, asset management, financing, etc.). They share in a minority share of the profits based upon specific criteria outlined in each investment.

As a Limited Partner, you can participate passively in the partnership which allows you access to the benefits of real estate investing without the hands-on participation, time commitment, or large capital outlay needed to acquire real estate alone. Syndication provides an opportunity to diversify your portfolio and generate additional income streams. To be clear, as a Limited Partner you are not individually on title. You become a member of the entity who is, thus allowing all proportionate benefits to be passed through to you, the same as you’d be entitled to if you owned the asset individually.

A Multi-family Apartment Syndication allows investors to participate in otherwise unobtainable real estate investment opportunities by aggregating capital and experience by teaming up with other like-minded investors. This also allows you to diversify your capital into other real estate syndications or in other economic sectors.

 The typical minimum is $50K although certain deals have a $75K or even $100K minimums

This depends on the structure of the entity. VAMOS Capital Group structures theirs (506b) so it is eligible to work with Accredited Investors and up to 35 non-accredited or sophisticated investors

An individual who satisfies one of the following two requirements:

- Annual income of over $200,000 (or $300,000 of  joint income), or
- Net worth of at least $1MM (excluding the value of primary residence)

Sophisticated investors must have knowledge and experience in financial and business matters to make them capable of evaluating the merits and risks of the prospective investment

Typically, a minimum investment ranges from $50,000 - $100,000. Although, each syndication is unique.

 Investors can capture tax benefits such as accelerated depreciation (not available for single family rentals) through cost segregation to reduce taxable income, possible 1031 exchanges into new projects, and tax-free return of initial equity.

Investors have multiple funding options when acquiring an equity position in an asset: Cash, Self-Directed IRAs, Solo 401Ks, SEP IRAs, SIMPLE IRAs, Trusts and LLCs.

 Quarterly distributions is the standard; however, each syndication is a business with varying distribution amounts based on the performance of the property. Each syndication has a specific strategy based on the specific value-add, cash flow or hybrid (“blended”) components of the asset.

We look for an 8%+ cash-on-cash return with an IRR north of 15% (doubling the initial value their investment over a typical 5 -7 year hold)

The preferred return is the threshold return that must be paid to the Limited Partner (LP) or Passive Investor (PI) before the General Partners (GP) are compensated. For example, if the preferred return is 8% and the available cash for distribution is $120,000, $80,000 is paid to the LPs and remaining $40,000 is distributed to LPs and GPs according to the specifics of the deal.

After the preferred return is paid to the LPs, the remaining cash is distributed amongst the LPs and GPs according to the split documented in the PPM. If the split is 70% to LPs and 30% to GPs, then the remaining cash is distributed accordingly: 70% of the cash in excess of the preferred return is paid to the LPs and the remaining 30% is paid to the GPs.

For each deal, monthly updates on the status of the business plan and associated operating metrics will be sent out. In addition, quarterly distributions will be made approximately 15 days after each quarter. At the end of each year, a K1 statement will be sent out before March 31st.

As in all investments, unforeseen factors can impact the investments’ performance. While Limited Partners’ liabilities are limited to their principal investment (they are not individually listed on the title or loan documents), there is risk of the asset underperforming and the business plan not being executed effectively. Moreover, external factors (macro-economics, force majeure, interest rates, pandemics, natural disasters, government policy changes, etc.) may negatively contribute to performance.

Educate yourself, read books and blogs, attend seminars or meetups, establish your investment goals, and engage with VAMOS Capital Group. We can point you in the direction of other resources to help get you on the path to Financial Freedom.


Accredited investor – an individual who satisfies one of the following two requirements: 
– Annual income of over $200,000 (or $300,000 of joint income), or
– Net worth of at least $1MM (excluding the value of primary residence) -> Learn more

Acquisition fee – a fee paid to the General Partner/Sponsor for sourcing, assembling, and securing the transaction. These fees typically range between 1-3% of the total value of the acquisition. 

Asset management fee – an annual fee paid for executing the business plan for the asset (leading construction, monitoring and overseeing the property management, providing updates on the progress of the business plan to investors, etc.).  This fee typically ranges between 1.5%-3% of gross rent the asset produces. Asset management is often performed by the General Partner/Sponsor but can be outsourced to a independent 3rd party.  

Cap rate – short for capitalization rate, which represents the NOI divided by the purchase price. For example, if an asset was acquired for $1MM and produced $60K of NOI for the year, the cap rate would be 6.0%.  

Cash-on-cash return – the net annual cash return percentage provided to investors in proportion to the amount invested (after all expenses and debt). For example, if $10,000 was returned annually for $100,000 invested, the annual cash-on-cash return would be 10%.  

Cost Segregation – the reclassification of specific assets acquired in the property acquisition by maximizing the aspects which are eligible for treatment as having 5-15 years of depreciable life (carpeting, wall coverings, partitions, millwork, lighting fixtures). The purpose of the study is to utilize accelerated depreciation to increase deductions passed on to Limited Partners. This study is performed by a hired, independent 3rd party specialist. 

Depreciation – a reduction in the value of an asset with the passage of time, due in particular to wear and tear. When contemplated within multi-family acquisitions, these “paper losses” appear in K-1 tax forms distributed to each individual investor which serve to offset passive income. The impact of these losses are specific to each individual; please consult a tax advisor for more details.  

Debt service – payments made for debt provided to acquire and/or improve the asset. Debt service coverage ratio (DSCR) refers to the amount of rent produced in relation to the debt service payment. For example, $125,000 in monthly rent generated for a $100,000 per month debt payment would provide a DSCR of 1.25. 

Gross Operating Income (GOI) – the income the asset generates before expenses have been paid.  

General Partner – often referred to as the Sponsor, the individual or group who spearheads the acquisition process and creates, implements and oversees the execution of the business plan for the acquisition.  

Hold Period – the number of years the asset is expected to be held before an anticipated sale. This will be indicated in the Private Placement Memorandum (PPM). 

Internal Rate of Return (IRR) –  is the rate at which the net present value of all future cash inflows and outflows for a project is zero. What does that mean? In short, it provides an annualized return when taking into account when the return is provided.  This serves to compare different investments types on equal ground when taking into account inflows/outflows in addition to hold periods. Take the following three examples into consideration – all three provide the same dollar amount of return (doubling your money) but the speed with which you are able to receive the return impacts the IRR, shown here.

Investor Partner – (see Limited Partners)

Limited Partners – equity owners of the asset who participate in the benefits of their proportionate amount of ownership. 

Loan-to-Value Ratio – this number represents how much debt is being utilized in relation to the value of the asset overall. Multi-family loan-to-value ratios tend to range between 65%-80% (e.g., a $1MM acquisition would typically use a loan between $650K-$800K, the balance of which would be equity).

Net Operating Income (NOI) – the income the asset generates after all expenses have been paid. This does not include debt service payments. 

Passive Investor – (see Limited Partners)

Preferred Return – indicates the percent of annual return that investors will be paid first before additional profits are shared with the General Partner.  Once a preferred return has been provided to investors, all profit above that hurdle will be shared with the General Partner.  This is unique to each specific investment; the preferred return hurdle can be an annual yield or IRR.

Private Placement Memorandum (PPM) – SEC required legal document that provides the details of the offering, associated risks, the partnership agreement for the LLC holding the property, and the subscription agreement which documents the amounts being purchased and associated percentage ownership of the LLC. This document also provides a detailed overview of the business plan of the investment. 

Sophisticated Investor – investors with sufficient knowledge and experience in financial and business matters to make them capable of evaluating the merits and risks of the prospective investment.

Syndication – a grouping of investors who maintain passive equity ownership in an investment or business. 

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- Expert Advisor -

Brandi Shotwell

Brandi Shotwell is a Principal at Reno Capital Management in Dallas, Texas concentrating on debt and equity. With over 20 years’ experience in finance and real estate, Brandi has had leadership involvement in over $1 billion in real estate projects ranging from commercial acquisitions to commercial development.  She has organized funding acquisitions and development opportunities for multifamily investors, high net worth individuals, municipal growth areas, and manufacturing clients. Prior to joining RCM, Brandi was Vice President at Edge Capital Markets in Dallas, Texas.  Preceding Edge, she was Vice President of Coronado Bay Capital where she was the top producing originator of the company.  Previously, she was a founding partner of Global Mortgage USA. Brandi attended Purdue University Northwest where she studied business and marketing.

- Expert Advisor -

Dugan Kelley, Real Estate & SEC Attorney

Dugan P. Kelley co-founded Kelley Clarke, PC with the mission to deliver big firm expertise and experience to the local community. Kelley Clarke currently serves clients throughout the United States with its principal offices in Prosper, Texas and Santa Barbara, California. Mr. Kelley chairs the firm’s securities and real estate practice group, assisting clients in all phases of multi-family, commercial, and residential acquisitions or sales. Throughout Mr. Kelley’s career, he has assisted clients in structuring real estate transactions in excess of $2 Billion. Currently, Mr. Kelley provides syndication and securities services for clients throughout the United States, assisting clients in all phases of their acquisition and sale of commercial and residential real-estate assets.

Mr. Kelley’s real estate expertise includes transactional services for his clients ranging from commercial loan closings, real estate private equity capital raises, joint venture agreements, commercial leasing, business acquisitions and general commercial real estate services for multi-family syndicators, investors, and developers.

Throughout Mr. Kelley’s 20 years of experience, he also has tried numerous cases in state and federal courts, administrative courts, and arbitration. With over $100 million in verdicts, settlements, workouts, and millions in settlements prior to trial, Mr. Kelley understands that there isn’t a one-solution fits all for every case. Mr. Kelley routinely advises real estate investors and other entrepreneurs about entity selection, corporate formation, risk assessment and other related transactional needs. Mr. Kelley also represents a number of companies and family businesses in providing advice and counsel in the capacity as outside general counsel.

Mr. Kelley was previously a partner with Cappello & Noel, one of the nation’s foremost complex commercial litigation firms, in Santa Barbara, California. While at Cappello, Mr. Kelley successfully prosecuted and defended major commercial litigation involving a variety of commercial matters including lender liability, contract and transactional disputes, and fraud. Prior to his tenure at Cappello, Mr. Kelley was a litigator at Bonne, Bridges, Mueller, O’Keefe & Nichols in Los Angeles where he successfully defended healthcare professionals and healthcare institutions involved in malpractice suits. Mr. Kelley’s practice also included defending employment claims against professionals and the County of Los Angeles. Prior to moving into the civil sector, Mr. Kelley successfully prosecuted criminal matters.

In addition, for several years, Mr. Kelley was an adjunct law professor teaching fundamental legal skills, legal research and writing, and moot court to law students in the Orange County area. From 2008 through 2016, Mr. Kelley has been selected as a “Super Lawyer Rising Star,” with only 2.5% of attorneys recognized as the best attorneys. Mr. Kelley routinely acts as a mediator for other attorneys or as settlement counsel for complex litigation matters that require a unique solution. Mr. Kelley is a best selling author of Purpose, Passion & Profit and is frequent speaker and lecturer at events. He also serves on a number of non-profit Boards, including Treasured Vessels Foundation, which has a purpose for ending human sex trafficking and providing shelter to those victims of human sex trafficking.

Mr. Kelley and his wife, Michelle have 3 boys. The entire Kelley family is actively involved in giving back to their local church and community.  Contact Kelley | Clarke to help you in your next transaction.

- Strategic Partner -

Brent Kawakami, PE

Brent is a real estate investor, entrepreneur, and a Registered Professional Engineer in the State of Texas with extensive experience in acquisitions and underwriting of properties in the multi-family arena.

Mr. Kawakami has been investing in Real Estate since 2012 where he focused on buying, rehabbing, and renting single family rentals in the Dallas, Texas area. In 2015, he began his transition from single family to multi-family where he has acquired over 450+ multi-family units across, Texas, Georgia, Kansas, and Ohio. His current focus is acquisitions and works closely with many syndicators to help vette and determine through critical analysis of underwriting and reviewing market factors to determine if a property is a go or no go for pursuing with a Letter of Intent. At the same time, he works with Sellers Brokers nationwide to help foster relationships for syndicators in key market areas.

As a result, of his experience and top-notch reputation, this has allowed him to become an integral team member of General Partnerships when underwriting private placement transactions for the syndicate team as well as providing transactional support through quantitative proforma models.

Mr. Kawakami graduated with a Bachelor of Science in Electrical Engineering from the University of Texas in Austin. Mr. Kawakami is originally from Hawaii and currently resides in the DFW Metroplex. Brent also spent over 13+ years in the private sector where he worked as consultant engineer in the power/energy industry, working in various roles in design, construction, and project management. Brent has led numerous multi-million dollar projects and has been responsible for the development of over $1B in construction projects for such leading edge companies such as Oncor.

- Strategic Partner -

Mark Kenney

Mark Kenney is a seasoned real estate investor, entrepreneur and founder of Think Multifamily along with his wife Tamiel. Mr. Kenney started his real estate career over 20 years ago and has extensive experience in property valuation, acquisition, and operations. He has a passion for helping others succeed in the multi-family arena.

Mr. Kenney is invested in over 9,000+ units across 7 states and has a top-notch reputation among the multi-family investment community for providing exceptional value to investors and the community while being easy to work with.

Mr. Kenney is a 1993 graduate at Michigan State University in Accounting and advanced his career by becoming a CPA. Mark has also provided IT technical and business consulting for 20 years and is leveraging his vast IT experience to bring new creative technologies that will help others in the multi-family space. He has worked for large organizations such as KPMG Consulting, EDS, SAP, and HP; he founded Simplifying-IT in 2008 which provides IT services to fortune 500 companies.

- Managing Partner -

Karla Gonzales, FINRA Series 7, 50, 52 & 63

Karla is an entrepreneur, Real Estate Investor, and experienced Investment Banker and a Vice President with a well-known Wall Street investment banking firm. She currently is a Registered Representative with the following licenses through FINRA: Series 7, Series 50, Series 52, and Series 63. In the last six years, she has completed nearly 200 municipal bond financings totaling more than $4.0 billion.

As a result, of this experience and top-notch reputation, this has allowed her to become an integral team member of the General Partnership when underwriting private placement transactions for the syndicate team as well as providing transactional support through quantitative proforma models. Her skillset also allows her to be involved in preparing investor presentations, attending and presenting before potential clients, and fostering ongoing client relationships with multi-family investors.

Ms. Gonzales graduated Cum Laude with a Bachelor of Science in Finance from the University of Texas at Dallas. She is currently invested in single family and multi-family properties with over 900+ units in Texas, Georgia, Kansas, and North Carolina. Ms. Gonzales is originally from Michoacán, Mexico and is fluent in both English and Spanish helping to serve our Spanish speaking investors.

- Team Principal / Managing Partner -

Robert Gonzales, AIA, IIDA, LEED® AP BD+C


ob Gonzales, AIA, LEED® AP BD+C, is a Real Estate Developer for one of the top real estate firms in Dallas-Ft. Worth Metroplex where he develops and manages the infill of Class A+ luxury multifamily communities with first-class amenities in Dallas, San Antonio, Austin, Ft. Worth, Midland, Irving, Frisco, College Station, Mansfield, Leander, Colorado Springs, CO, Phoenix, AZ, and the Carolinas.

Mr. Gonzales is also an entrepreneur, real investor, and has over 16+ years of Project and Management experience as a Registered Architect, Registered Interior Designer, and Commercial General Contractor, including 11 years as a LEED® Accredited professional with a specialization in Building Design & Construction.  His experience includes work on over 80+ major vertical building projects and facilities valued at over $1.90 billion dollars.

Mr. Gonzales’ project experience, design background, graphics capability, and experience with multi-family commercial construction among other facilities allows him to be as asset providing cost-effective solutions during the due diligence period when collaborating with the General Partnership for decisions involving design challenges, rebranding, design, and constructability reviews. In addition, Mr. Gonzales helps provide transactional support to the General Partnership when underwriting private placement transactions for the syndicate team by keying on his skills that he gained earlier in his career by working as an Investment Banker and Registered Representative for a well-known Wall Street firm. 

Mr. Gonzales currently operates in the capacity of Team principal/General Partner and Asset Manager (i.e. Operator) on over 1,200+ units in 6 states across the southeast (i.e. Texas, Kansas, Georgia, Arkansas, North Carolina, and Florida) with a reputation among the multi-family investment community as having the ability to source deals, underwrite/analyze deals, be an effective Operator, Capital Raiser, and providing cost-effective design solutions, and focuses much of his time rebranding, and repositioning properties.

Mr. Gonzales received his Bachelor of Arts and Master of Architecture degree from Texas A&M University. He is currently invested in single family and multi-family properties while making his home in both Texas and Florida having lived in Austin, San Antonio, Houston, Tampa, and South Florida (including Weston, Ft. Lauderdale, and Miami), and now having recently returned back to Dallas in the past 5 years.