It means you can fund raise, people can donate things like cars or real estate to you and receive tax deductions.

You and they will likely give a personal guarantee for any loan, so the difference will be in commercial lending guidlines.Since you are immediate family members, you'll be exempt from SEC fund raising issues as well as the SAFE Act if say your father makes you a loan personally if your home is included in all this.Yes, your LLC needs to be formed prior to purchase and applying for the loan, I suggest you spend a few bucks and see an attorney in setting this up, there are options and aspects of such an entity that simply are not contained in some internet LLC formoperating agreement.

Between that and my conversation with an attorney and CPA yesterday, it seems like the regular 501(C)3, with a traditional fundraising model, would be more effective initially.

This means focusing on the big-picture items, like longer-term strategy, fund raising and business efficiency.Then, the rest of the day is pretty much spent with the family while multi-tasking work stuff as it comes up.

Maybe have a fundraiser to kick it off.

http://www.thenorrisgroup.com/archives_byguestspeaker.php Bruce also brought this up as one of his solutions in our "I Survived Real Estate 2008" fundraiser we did.

With the money, the Cohens amassed a portfolio of 79 apartment buildings and 34 single-family homes, totaling 1,674 units, according to a court document.But the Chicago investments suffered big losses, and EquityBuild’s fundraising program turned into a Ponzi scheme, the SEC alleges, with money from new investors used to pay off earlier ones.

Besides all the fund raising issues.You opening line is boring.

@Lucas Miller  I'm working to join a group currently and they told me that I need to fundraise half the capital required so I know they have an attorney. 

It seems that there's a lot of different fund raising activity out there and lots of different opinions on what compliance really is.