b'4. CHOOSE YOUR SYNDICATION MODELA syndicate is simply a group formed to pool resources for a common purpose. In a real estate syndicate, the group is formed to pool members resources (typically money from passive investors and services from the management team) to purchase and operate real estate for a profit. For a small business, a syndicate may be formed to fund startup or expansion of a company, product or service. TYPES OF SYNDICATESThere are four types of syndicates: a blind pool, specified offering and semi-specified offering, and another hybrid called a segregated offering. The differences are explained below. Specified OfferingA specified offering often involves the purchase of an existing commer-cial property, land for development, or starting a specific business. As a syndicator you will draft a property information package (such as an in-vestment summary or business plan) explaining details about the project, such as:Basic description of the property or business Location and demographics Opportunities to add valuePlanned use of fundsProjected returns over a specified timeframe based on estimated income and expenses, and a projected sales price (also called the pro forma)Proposed team members and their track records with similar investments 27'