# Learning Hub — Hermance Capital

> Plain-English education on multifamily syndications, underwriting, risk, and tax topics. No offers, no pitches — just the questions we'd want answered before writing a check. Articles drop every week, drawn from real investor conversations.

**Compliance note:** Educational content only. Nothing here constitutes an offer to sell or solicitation of an offer to buy any securities, or legal, tax, or investment advice.

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## Published articles

### 01 · [Real Estate Syndications 101](syndications-101.md)
**Foundations · 9 min read**
What syndications are, how they work, and the risks — in plain English. Covers GP/LP roles, the LLC wrapper, how money flows in and out, 506(b) versus 506(c), and what can go wrong.

### 02 · [How to Vet a Sponsor](how-to-vet-a-sponsor.md)
**Due diligence · 12 min read**
The questions to ask, the documents to request, and the signals that separate operators from marketers. Covers track record, team, underwriting discipline, alignment of interests, communication style, compliance posture, and red flags.

### 03 · [Reading a Pro Forma Without the Hype](read-a-pro-forma.md)
**Analysis · 11 min read**
A section-by-section walkthrough of a multifamily pro forma. T-12 versus pro forma, income and expense assumptions, the NOI walk, capex and value-add, debt structure, return metrics, the exit cap rate, and what a real sensitivity analysis looks like.

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## Coming soon

- **04 · The 7 Common Fees in Syndications, Explained** — Foundations. Acquisition, asset management, disposition — what each fee covers and what to watch for.
- **05 · Risk Factors in Private Real Estate** — Risk. A candid overview of illiquidity, leverage, execution risk, and more.
- **06 · Cost Segregation Basics for Passive Investors** — Tax. What cost seg is, who benefits, and the misconceptions worth correcting.
- **07 · SDIRA 101: Using Retirement Funds in Private Deals** — Tax. How self-directed IRAs work for private placements, and the gotchas.
- **08 · How We Underwrite: A Step-by-Step Walkthrough** — Operations. Our underwriting framework — and what makes us say "no."
- **09 · Distributions & K-1s: What to Expect** — Operations. Timing, tax forms, and the variance realities of multifamily distributions.
- **10 · Red Flags in Private Deals (And What's Normal)** — Risk. Common red flags vs. ordinary-course realities, with examples from real conversations.

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## About the Learning Hub

We publish education because better-informed investors make better decisions — and because we'd rather have prospective partners ask hard questions than skip them. None of these articles reference specific Hermance Capital offerings; they explain how the asset class works in general.

The HTML version of this index lives at [/learn/](https://hermance.capital/learn/). The full markdown index for AI agents is at [/learn/index.md](https://hermance.capital/learn/index.md).