Do I need a PPM for this deal?

[Bennet Sebastian]

I'm buying a small office property and will be raising $200k from 4-5 accredited investors that I have an existing relationship with. Do I need a PPM or can I just use an LLC operating agreement with a joinder for each investor?

[Taylor L.]

I am not a syndication attorney.

You definitely need to talk to a syndication attorney. From the basic information you've provided it seems likely that you are offering a security. The existence of a relationship or the fact that they're accredited does not factor into the SEC's test about whether a security is being offered and therefore whether you need to qualify for an exemption (common ones these days being 506b and 506c).

@Mauricio Rauld @Kim Lisa Taylor  are a few great ones!