A recent article in the Remodeling Magazine (a publication for professional contractors) made the case that if you don't mark up your subs by 40% you might loose money as a GC.

Running a syndication is certainly more work, different types of work, different personal and professional risks.But beyond those risks, your investors are your bosses.  

Unfortunately, on BiggerPockets, you sometimes have to be cautious, as some professionals listed there aren’t always reliable since realtors, lenders, and contractors pay for leads through BP with little background.

I'm not sure what you're used to, but getting paid in draws is common in professional construction.

Readers should seek professional advice.

Readers should seek professional advice.

Professional trade journals such as Accountancy, Tax advisor and others. 

Not true, but don't believe me or anyone else, go find the answer from qualified tax professionals!

You should consult with your tax professional on the matter. 

I can generate some anecdotal examples, but would really like to see a professional study, existing court case, etc.