No one will buy the property, and the lender is out the money they loaned.The lender would essentially be the only one losing money in this scenario. 

And, it is going to be super easy to get another human being to admit they have made an error, which is essentially what a reconsideration of value is right - the appraiser is dumb and the loan applicant is smarter right?

We DO have to 'give up' 50% of a deal this way, but we also make a great return for our time and essentially have people  'lined up' to partner up with us on these as fast as we can find deals that fit the method and numbers.

The wholesale prices are essentially MLS retail prices right now because the supply is so low.  

Essentially, that free rent is one of the most powerful things as you are getting the equivalent of income but with no tax consequences.

We had a room and bathroom (no kitchen though we added the essentials) above the detached garage of our primary residence in Charlotte, NC and decided to put it on Airbnb.

That’s essentially how I would substantiate that difference.

I am essentially paying closing costs twice (3.5 points up front on hard money loan and another $3,000 in closing costs when I refinance).

Essentially it comes down to prep work. 

So if you have what it takes to conduct such due diligence good, if not, then I suggest to continue educating yourself on the topic by reading not only about syndications, but also about various asset classes you invest in and markets you're planning to invest in (books, podcasts and networking of course are all essential factors for success!)