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And planning to take rent via cashier check/money order. 

On day one they just chanted about how much money you can make and had hard money lenders pitching loans to us.

If they do not qualify for conventional loans most private money are business purpose loans and require you to put it into an LLC

I'm not a cashflow is everything guy but I don't like taking money out of my pocket to pay bills. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Real estate investing makes money.

Tenants save money when using a shared meter, so there's plenty of room for error when calculating how to distribute the charges. 

To summarize, if you are approached by a syndicator raising money for a multi-family building that meets this multiple offer fact pattern (as is usually the case) who is awarded the contact, they more than likely assumed the most ambitious rent growth, most understated cap ex costs or operating expenses or lastly the cost of equity (your return) is projected to be less than the LP’s the other bidders relied upon.

Im located in the DC, Maryland, Virginia (DMV) area and I just pocketed a good chunk of money from my first build and sale and already have my next target picked.