A few of the more sophisticated municipalities will take payment by wire transfer, but most will not.

Professionals who have found ways to reduce rehab costs (buying wholesale materials, having contractors on payroll instead of hiring by contract etc.) and are large enough that they can take a lower return on a per property basis due to economies of scale.2.

Look at all the so called sophisticated investors who lost their money to Bernie Madoff.You and I are similar in that we can tell when people are masking their true intentions but there is no one on earth that does something without seeking something in return.

More specifically, they are most likely not trying to get institutional money, sophisticated investors in the $500k+ range, family offices and the like. 

This reminds me of Sam Zell in the early 90s reading that he was worth $1 billion and not sure if he was going to make payroll next Friday.

Time will tell.What I look for in a syndicator: length of operation, # of completed similar syndications, in this market a more sophisticated value add than rehabbing units and improving management, preferred equity positions.  

He appeals to the (and I mean this in the nicest way possible) less sophisticated investor.

Our fund is a 506(b) which allows for up to 35 sophisticated (non accredited) investors a 506(c) does not allow non accredited.

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

Lastly it organizes all of the info into a nice looking PDF that I provide to my lender, who likes them a lot and I feel makes you look slightly more sophisticated.