Investing path for a Sophisticated Investor NOT Accredited

[BOB CRANEY]

Experienced in SF and small multifamily 1-4 units. Currently have 13 units across 8 buildings that i have had for 7-10 years in C areas. Appreciation since the crash has been really slow to come back and many of my properties are just under the sales prices that were around in 2007-08. I will walk with some equity if i liquidate several of the ones running at break even cash flow. 

All in, i will have about $400k to work with. I have done a lot of study and due to my income and net worth I dont technically qualify as an Accredited investor and as such i cant participate in a high % of most syndications. 

With the cash i have and experience in rehabbing, managing my own properties, I am tempted to make a play for a 20 -30 unit building, 1-1.5 million, with a heavy value add component. I have a few monied friends who have expressed an interest in participating in the financing of the right deal either as JV partners or just straight private lenders. I am hesitant to proceed with this path only because all i read/hear about being is that no mans land in between 20-75 unit count and how its so much better to be at 75 units minimum to make scale work with 3rd party management. I have found it really easy to manage up to 16 units only part time 5-10 hrs a week so i cant even imagine 30 units being more that 15-20 hrs a week at most.

It seems like the 2 camps are either stay small and accumulate small multis 5-20 units each or figure out how to be able to go big and participate in a larger syndication as a LP and eventually as a Key Principal. 

Who can lay out a path here that makes sense for someone in my position. Working a pretty safe low 6 figure sales job, but need a stronger plan to Job replace current job income.