Form LLC to invest in multifamily as LP

[Ibrahim Ahmed]

Hi everyone, 

I am very new to multifamily syndication. Some of my friends and I want to invest in a multifamily as LPs. We do not want to invest the minimum amount alone and the group we are interested do not allow smaller minimum. They allow investing through LLC, but I think there will be added scrutinies when we want to join in a deal. I would like to know where should I get started. If someone can help or provide some insight, that would be very helpful.

Few questions:

1) As LLC is just used as an entity to invest, are there some SEC rules that we will have to follow?

2) Should we use lawyer, or use something like Tribevest? 

3) What are the potential tax implications? (Understand this is a CPA question, but appreciate any help)

4) Are there any downsides of having an LLC vs. one of us investing in their name?