There are numerous benefits conferred to a passive investor / limited partner who may want to branch out to form his own syndicate on his own, but I’ll list just three. 1). As a limited partner, one learns and may observe how underwriting large apartment deals is done. 2). As a limited partner, one has an opportunity to ask as many questions as he pleases and pick his sponsor’s brain. 3). As a limited partner, one earns a reputation for being a valuable partner in deals. All three combined enable the limited partner to build the skillset needed to speak with lenders. In addition, this experience allows one who is interested in taking an active investor approach in syndications to gather prospective passive investors on his own deals.