Multifamily housing syndications attract investors who want good returns without being burdened by traditional landlord duties. Individuals join syndications so that they can pool financial resources and purchase properties as a group. They receive their earnings passively because property management is handled by the syndicate's leader or leadership team, which frees the investors from the day-to-day demands of running rental housing. Investors collect their share of rental profits and the proceeds when a property is sold a few years later.  As with all investments, care must be taken when choosing a syndication. Both the property deals involved and the people running the syndication require vetting.
Who Can Invest in a Multifamily Syndication?
Investing within a multifamily syndication requires at least $20,000 or $25,000 to start with. Most syndications require $50,000 to $100,000 for entry. Regardless of minimum investment, the dollar amount is still far less than the price of almost any multifamily property on the market.
Some syndications are only open to accredited investors. These organizations have a 506(c) legal status. The U.S. Securities and Exchange Commission allows a person with an individual income of at least $200,000 annually and a net worth above $1 million to become an accredited investor. 
An non-accredited investor, also known as a sophisticated investor, may join a syndication with a 506(b) legal status. The financial requirements are not so strict for joining the ranks of sophisticated investors. People need only possess investing experience and have a relationship with the syndication's general partner. 
Some syndications welcome both accredited and non-accredited investors. Potential investors must know their status in this regard before investigating syndications.
How to Find Syndications
Word of mouth remains a big influence in multifamily investing. Potential investors can network with other like-minded people in their area to locate syndications. Of course, people may widen their search to the internet to find organizations unknown to their networks. The JOBS Act of 2012 created new opportunities for syndications to work with non-accredited investors, and they connect with new investors online. 
Top Considerations When Vetting a Syndication
Regardless of how a syndication is found, an investor must perform due diligence to ensure not only the legitimacy of the organization but its suitability for the investor's goals.
A top-level assessment of a syndication would look at:
Cash on hand for property upkeep
Future goals 
Next-level scrutiny of the syndication requires investigation of:
Qualifications and experience of the syndication's leadership
Process for evaluating property deals
Timing of payments
Timing of property sales
Management fees 
Be Ready to Make an Investment
Although exploring and vetting syndication options takes time, once an investor chooses a direction to take, funds need to be readily accessible. An appropriate multifamily property deal could come up at any moment. A person interested in collecting passive income from multifamily real estate may only have a few days to join the investment.