Somebody offered me a fund slot instead of the 40 buildings on my list

I'd take the building. Not because the returns are better, I have no idea if they are, but because a year of owning one small building teaches you what a rent roll actually means and no amount of reading a quarterly LP report does that. I came into this from a completely different career and the only things I know for certain are the ones that cost me something.

The seven years would bother me too. Ask him what happens in year six if the market is bad. Extensions usually sit with the GP, not with you.

@ember the fund does teach you something, just not operations. You get to watch how a sponsor communicates when a deal is behind, how they handle a capital call, what their reporting looks like. That's the education if you ever want to raise money yourself, and it's cheap at $50k relative to learning it as the GP.

@bramble on the PPM, read the fee summary and then go find every fee mentioned elsewhere in the document that isn't in that summary. Acquisition fee, disposition fee, asset management fee, any affiliate doing construction or property management. Add them up yourself. And get a securities attorney to read it before you sign anything, at $50k that cost is worth it.