Apartment Syndications - Non-Accredited

[Jung Won Kim]

Hello,

Please let me know if this hypothetical idea is legally possible. My friends and I are non-accredited but together we have enough capital to syndicate and finance the down payment and associated costs of an apartment.

I have interest in essentially acting as a general partner (putting together the deal, managing after close, exit/refinance strategies, etc.), and my friends wish to take on a passive role as limited partners.

Since none of us are accredited, is it possible to structure an LLC or LP with all of us general partners and tweaking the conventional contract to make the fees traditionally associated for general partners be directed to me?

Thank you in advance for any input/advice.