The sponsor or general partner in a real estate syndication is responsible for leading the investment opportunity and managing the day-to-day operations of the properties. This includes sourcing new investment opportunities, negotiating deals, securing financing, managing the properties, and making decisions about the distribution of profits to investors. The sponsor typically receives a management fee for their services, as well as a percentage of the profits generated by the properties. They also assume a greater level of liability and risk compared to the limited partners.