As for your analogy of 200 unit complex, most of these are maintained by large national property management companies that charge 4% of gross rent + payroll expenses.

I'm looking for better data sets for a more sophisticated analysis. 

There may be potential payroll tax savings with this approach.

I did ask them about their rent payments, they said they paid late once a year and a half ago, due to their payroll error...not great to hear that they are cutting things that close.  

I have reached out through my network and am confident that I have found enough investors, both accredited and “sophisticated” to fund the venture.

Not to mention once it starts building your expenses will grow dramatically outside of the scope of the actual unit (payroll, banking, accounting, legal, office, and such).

It's harder to sell deals like this because it's harder to explain and a confused mind generally says no, but it also creates maximal alignment if your LPs are more sophisticated as you advance in your career as a sponsor.  

Developers tend to pay 500k to 1 million an acre in strong suburban for good dirt and construction for exterior shell can be 200 a foot unless massive developer with crews on payroll that do it for less cost on volume.

Need to check with the state.. unsecured debt definitely has Usury rules. and many states do .. you would ADD in the points.. or fee or whatever.. so that rate for 6 months would be 34% apr or there about so one needs to check with your state.also license is not a big deal to a borrower big deal though to lender.. you can have your interest knocked off you can have all sorts of legal problems regardless of sophistication.. one off lending usually has a carve out.. but if you at all hold yourself out as a lender.. you need to be licensed in about 12 states  CA being one of them. 

Account Closed you sure can invest in a syndication as a sophisticated investor.