Syndicates are simply small groups of individuals who join forces to make investments ranging from apartment buildings through gourmet food shops and ranches. There's good money to be made organizing and managing such combines, which typically take the form of limited partnerships. Beguelin, a Southern Californian, quit a steady, dead-end, aerospace job to do so--and here tells others how, without giving undue encouragement to the unqualified. The secrets of syndication, it seems, include an observant eye, a head for figures, administrative skills, a capacity for hard work--and access to people with discretionary funds. Proceeding step-by-step, Beguelin advises aspirants to seek out or create opportunities in their own backyards. (He started with a string of West Coast health/racquet clubs.) Next comes a rigorous analysis of the deal, which must be structured to give prospective investors the potential for above-average returns. Over one-third of the text is devoted to a model offering-circular (for a hypothetical restaurant franchise), complete with a summary description of the undertaking, pro-forma financial projections, and attachments (including a suitability section, subscription agreement, etc.). Beguelin reviews the preparation of this prospectus-like document, pointing out pitfalls as well as possibilities. (He counsels keeping so-called purpose articles vague in case partnerships wish to diversify their interests at some future time; by contrast, the rights and responsibilities of managing partners should be spelled out to avoid misunderstandings.) Once packaged in flexible but definitive terms, a deal is shopped--with as little pressure as possible--to those with capital to invest in enterprises run by others. Beguelin accords somewhat short shrift to the crucial matter of unearthing affluent sophisticates; lists are available on the private-placement circuit, however, and friends or relatives may be used as network building blocks. He does pay close attention to the commissions, fees, and other forms of compensation (including no-cost pieces of the action) that can accrue to successful fund-raisers--on closing as well as over the entire life span of a partnership. In sum: an upbeat appreciation of syndication that's sufficiently comprehensive not to overstate the case.