What Every Passive Investor Should Look For In A PPM

Raise the Bar · Oct 8, 2026 · 13m

When you're first starting out as a passive investor, it's easy to focus on one thing.

Projected returns.

But a higher projected IRR doesn't necessarily mean a better investment.

In this conversation with Ben Fraser of Aspen Funds, I break down what passive investors should actually look for when reviewing a real estate syndication, from understanding the Private Placement Memorandum (PPM) and Operating Agreement to evaluating sponsor track records, voting rights, capital calls, and investor protections.

For newer investors, reviewing 100 or 200 pages of legal documents can feel overwhelming…