I joined a group (at a cost) that creates multi-family syndicates of sophisticated and accredited investors to invest in class C (for the most part) apartment complexes in Texas. (They also support SF investors too.) Basically, the SEC defines three groups of investors, Accredited, Sophisticated, and the rest of the masses. In Texas, an accredited investor is defined as someone with >$1M net worth excluding own home or >$250k annual income. An accredited investor is considered to be smart enough to invest what they want where they want. A sophisticated investor is someone who is considered to have been educated how to evaluate investments but doesn't have the accredited level of assets/income. There are limits to how many sophisticated investors can join an investment syndicate.
I have invested $110k in two MF deals as a "passive partner". Returns start at 8-10% ROI and through operation improvements and rent bumps the ROI increases to 15-18% over 3 to 5 years. The group I joined provides extensive education to learn how to evaluate MF offerings and the "lead partners" that actually find and run the properties using the group's investment model. The group, "Lifestyles Unlimited" (yes, it's a cheesy name) has been around for 20+ years and in each of the last 9 years one of its "Lead Partner" members has won the National Apartment Association's Independent Apartment Owner of the Year award. If you have the balls, becoming a lead investor is highly lucrative with many millionaires who own multiple apartment complexes in Houston, Dallas, San Antonio, and Austin (and expanding.) For those with lead aspirations, LU provides extensive education and operations support to get you up to speed in buying and operating your first (and subsequent) apartment complex.
That said, your investment is pretty illiquid once committed to a MF deal. So I don't expect to see the invested money back in my pocket unless the property sells or can be refinanced. But I LOVE the quarterly distribution checks (direct deposits actually) from said investments. Also, I would say this group really is for those who have a nice nest egg to work with. I will be generating my FIRE income with about 60/40 RE/dividend stocks asset allocation.