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Real Estate Syndications are an effective way to spread risk. Since each investor can allocate a Syndications in real estate are amazingly diverse in their structure so it's impossible to cover Acquisition fees help pay for the operating costs, staff, flights, hotels, diligence, and other costs that...8. Now you get really busy. You’ll prepare the investment circular, subscription agreement, Articles of Organization and Operating Agreement for the LLC, pertinent exhibits, and addenda. The syndicator (you) is named as the Manager of the LLC in these documents. 9.