Tax Smart Real Estate Investors Podcast 335. Syndication Legal 101: What Every First-Time Sponsor Must Know with Tilden Moschetti
Jul 7, 2025
Tilden Moschetti, a knowledgeable real estate attorney and seasoned syndicator, shares invaluable insights for first-time sponsors diving into syndication. He outlines when a deal is classified as a syndication by the SEC and the importance of a two-entity structure for protection. Moschetti explains critical documents like PPMs and operating agreements, emphasizing why relying on capital raisers is risky. His real-world advice empowers listeners to navigate the complexities of legal compliance and fundraising strategies, making the journey smoother and more confident.
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Lawyer Turned Syndicator
- Tilden Moschetti started as a real estate litigator but found syndication more fulfilling after doing his own deals.
- His personal syndication experience shapes his pragmatic legal approach for clients.
When To Syndicate Capital
- Syndication typically makes sense when raising around a million dollars or more due to cost and return considerations.
- Smaller raises are possible but less common and may not justify the legal and accounting fees.
Two-Entity Syndication Structure
- Syndication legal structure generally involves two LLCs: an investment entity holding assets and a management entity controlling it.
- This separation manages control and funnels sponsor income while providing liability protection.