Does SEC 504/506 cover soliciting funding from friends

[Jim Kalish]

Hi BP family.  I've been considering reaching out to friends to see if they want to get involved in some real estate deals.  Right now I'm doing residential projects, 4 units or less.  I was thinking of offering them either an equity position in the property or getting a straight up loan.  But the more I read about acreddit vs non-accredited investors the more confused I get.  So is it legal to simply sit down with a few friends over lunch and talk about the possibility of them investing with me?  Should I wait until I have a firm deal in mind?  I'd really like to see if there is any interest ahead of time.  And yes, I know I can talk to my attorney.  And I will. But I was hoping I could get some insight and advice from this group.  Also, does this change when getting into larger multi-family?

Thanks in advance for your thoughts