Have you compared?

If he is comparing funds to single-asset syndications, yes there are differences.

I looked at a duplex in Denver a few weeks ago that had structural issues and even though it had been on and off the market for 6 months and they had come off original asking price considerably, it still did not make sense unless you could get it 20% under current ask or unless you had a GC that was a whizz at foundation repair.Consider looking at non-traditional MF, i.e.

The options might be a cash or traditional financing offer 15-20% below market value or full asking price, but your terms (which may include seller financing with discounted or delayed initial payments, etc.).  

A refinance will allow you to know exactly how much money you'll be getting for the mortgage (traditional mortgage may have a lender decide the property you want to buy is not worth it and they will not give you as much as you had been preapproved for), and it gives you a much stronger offer in a sellers market.Being able to make an offer subject free can usually beat out any other offer with subjects and can also give you leverage in negotiations during a hot market.

Until then, the combination of Listsource and RealQuest (both from Corelogic) would be our recommendation, and the closest thing comparably.

Traditional loans are out of the question for us right now.

I've been running the numbers on properties that fit my criteria and the cash flow definitely isn't there compared to some other markets.

BRRRR with multifamily in at least 3 out of four of those markets may be tough if you are comparing them to the juicy returns you see on BP. 

The reason is you want to know the value of the business you are buying, so that you can compare to other investment opportunities.