In this episode, Wayne Courreges III discusses the expected returns in commercial real estate syndications, focusing on key metrics such as average annual returns, cash on cash returns, equity multiples, and preferred returns. He emphasizes the importance of understanding these terms for potential investors and highlights the significance of the internal rate of return in evaluating investment opportunities. The conversation aims to educate listeners on making informed decisions in their passive investment journeys.   Takeaways Typical annual returns range from 12% to 20%. Cash on cash returns usually yield between 6% to 10%. Equity multiple helps investors understand total returns easily. Preferred returns prioritize passive investors' returns. Projections in real estate investing are not guarantees. Maximizing cash on cash returns is essential for investors. Internal rate of return (IRR) is a key metric for investments. Higher IRR indicates a more attractive investment opportunity. Investment strategies vary; there's no one-size-fits-all approach. Free resources are available for passive investor education.