b'byallparticipantscouldprecludeself-directedIRAinvestors(dueto prohibited transaction rules). Further, everyone is a manager, so decisions must be made by majorityor sometimes, unanimousconsent. According to Investopedia.com, it is estimated that nearly half of all joint ventures last less than four years and end in animosity, generally due to disparities among expectations and contributions of the parties. Typically, joint venture partners all share proportionately in the risks, revenues, expenses and other assets related to a property. They also share liability for the acts of each other. This is a burden your investors may not knowingly take on, because they dont have the time or skill sets to actively participate, or they may not want to take on the liability that comes with being a managing member or responsible party in a joint venture.The only advantage to doing joint ventures versus syndications is that a joint venture requires a more simplified joint venture agreement in lieu of securities offering documents, which may be cheaper to draft initially, but could cost much more later in legal fees and emotional turmoil if the deal turns sour.Additionally, our experience is that more than 5 members in a joint venture is a recipe for disaster. Weve seen this happen again and again. Herearesomeoftheissuesweveseenwhentoomanyjointventure members try to participate in a single project.1.The first problem is that the deal usually doesnt get to the closing table because of disagreements or non-participation by certain members.35'