Entity Structuring for Multi-family investing

[Jeffrey Allen]

Is there an entity structure for buying a multi-family property between an LLC and a full blown 506 (b or c) syndication? My business partner and I bought a 52-unit apartment complex last year with a few LPs that were family and friends. We set up a new LLC and wrote the articles of agreement with us as GPs and the LPs in place. We were able to execute the plan by performing renovations on over 21% of the units, push rents to market rates, perform cost cutting measures, etc... to increase the value and go full cycle selling the property this year for a nice profit in just 15 months (The market timing helped). However, based on the way this was set up a 1031 for my partner and I would have been difficult. Is it feasible for our next one to maybe set up a new LLC in which our existing LLC (with just the two of us) could invest in the new LLC and property and have the investors come in as tenants in common or joint venture such that we could be separate when a disposition would happen in a few years. Otherwise it seems a full SEC lawyer and syndication would be needed. Thanks!