Real estate syndications and Real Estate Investment Trusts (REITs) are both investment vehicles used to invest in real estate, but they differ in several ways: Ownership: Real estate syndications involve direct ownership of a specific property, while REITs allow investors to own shares in a portfolio of properties. Management: In a real estate syndication, the investors typically have a more active role in the management of the property, while in a REIT, the management is handled by the REIT company. Liquidity: REIT shares are generally more liquid than real estate syndications, as they can be bought and sold on a public exchange. Regulation: Real estate syndications are subject to securities laws and typically require a private placement memorandum, while REITs are regulated by the SEC and must file periodic reports.