Each syndication will have a different payout structure. You will hear terms like, preferred returns (pref), split, hurdle and waterfall. Here is a good explaination.

I've invested with several syndicators who all use a very similar payout structure. There is a quarterly payout of around 2% once the project is stabilized. If we invested in a stabilized cash flowing property that may occur after the first full quarter. For a value add property it may be a year or more for a payout. In the case of a value add property, once the property is stabilized it is usually refinance with significant cash out. In some cases you may get 50-100% of the investment back in 3 years, but still receive quarterly payouts from 1-3% of the initial investment. After the sale of the property in 5-10 years, you get your remaining distribution. The syndicator who puts the deal together typically gets 20% of the profits. For example if a 50k investment was returning 10% ($5,000) annual distributions, the deal sponsor gets 1K and you get 4K. At the sale if that 50k investment is worth 100k, you get back your initial 50k and split the other 50k profit 80/20 (you get 40k and the sponsor gets 10k). IRR on these deals is typically in the mid teens or better. It can also be 0, just like the stock market.

There are far more complicated payout structures and many include asset acquisition fees, management fees, construction fees, disposition fees. The waterfalls may offer an 8% preferred return, then 70/30 until the investor receives 10%, then 50/50 on returns above 10%. There are many different ways to structure a syndication.

I've only been an investor in syndications and have never acted as a deal sponsor. Any property where I've acted as the principle has been mine all mine, no sharing.