Bookkeeping for Syndicate

[Dennis Tierney]

Please double check my thinking to be sure I've got it right. I'm setting up a syndicate for apartment purchase. The amount needed for the 25% equity and closing costs will be $550,000. There will be $50,000 needed to cover operating expenses till it is stabilized. I plan on charging a $60,000 fee for the syndicator and will use $50,000 of it as my equity buy in. The units are $10,000/unit.
$550,000+50,000+60,000=$660,000 equity raise but when the 5 syndication units are added that equals 71 total units that will be divided into the income to determine the quarterly distribution. Am I correct?

Thanks