This model resembles a franchise or regional manager relationship, and some companies—especially those scaling into secondary markets—look for local partners with on-the-ground expertise.

I see a resemblance!).

The way I read this is that while there are syndicators who meet stringent investment requirements, there have been few if any third parties who have been successful bringing private real estate investment opportunities “public” with anything resembling consistency.  

Even harder to find an investor that hadn't seen a listing in their asset class:I was talking to a broker about a 12 unit in San Antonio and I the resemblance was very similar to a 16 unit set up Dallas.- Only 3 remaining tenants, - Owner wanting to transfer the property vacant.- Seller wanting at or above $1m to exit. the Dallas property is in a historic district, the San Antonio one, Im not sure yet. 

But the investing for cash flow logic was only around for two reasons to put together at 20-25% down-- as it now is, and always will be a function of debt in the deal1) Centurial---not generational--but centurial issue with physical real estate asset prices.2) America's desperate attempt to re-ignite inflation with historically, and also possibly centurial if at minimum generational, policy on fed funds rates.Those two made physical RE have intrinsic properties from 2010-2017. 2-3 years prior and after that it will be less intrinsic but still resemble it, as it fades.People need to stop thinking this is the norm, this is the outlier.

That had even a passing resemblance to tax returns or financial statements4.

Even if your GC is decent was able to get your job done in 100 days, if it doesn't resemble the comps in quality then your 300k exit is now 270k and with all the exit costs and holding costs your 40k expect profit is now under 10k. 

The banks know they get something resembling FMV if it's out on the entire, open market.

The terms will resemble small business loans with short term rates and quicker paybacks, but that will get the deal financed. 

Perhaps you don't want your strategy to resemble that.1.