Red D required or an LLC ok?

[John Buchanan]

I haven't been able to get a truly straight answer to this question, so I'm posting this in the forum to see if anyone has clarity on this topic...

If several investors (define several as 6 or less) want to go in together and buy a property for long term investment, do they need to file Reg D paperwork, or can they simply own units in the LCC?

there will be a managing partner who will be coordinating and managing everything, while the other investors are largely passive.  

appreciate any comments/insights.

thanks

John