Becoming a "sophisticated investor"

[Chris Jones]

I am new to REI, and I am wondering if starting out in multi-family is for me. My net worth is not close a million dollars, but if I don't spend (waste?) money on someone's educational program, I have several thousand dollars more to put towards this potential first investment. Are local REI clubs the best place to meet MF investors, and how do I know when I'm educated enough not to get taken advantage of? Also, is there some regulation requiring me to be a "sophisticated investor" before I can passively invest in a multi-family deal? Is there some way I can meet this requirement without paying thousands of dollars up front for this education? Can anyone shed some light on this and/or provide some personal experience. I feel like MF would be the best potential return on my investment but I'm not looking to be naïve or get in over my head either.