Selling shares of an LLC. What are best practices?

[Dj Larsen]

I am interested in purchasing properties with small groups of families for student housing (their kids). Each property will be purchase and manage through a seperate LLC.

1. As the managing partner, will I need to qualify investors (accredited/sophisticated)?

2. Is there a minimum ownership (any) that I need to have in order to manage the LLC?

3. As a non-Realtor, am I able to sell shares in each LLC, as owners transition out?

Woukd enjoy hearing your LLC stories.