If you're non-accredited investor, then you can only be presented deals if:1) the "presenter" has pre-existing relationships with youAND2) can identify you as sophisticated via SEC definition. 

So depending on what the deal structure is going to be, you may need to qualify your investors as accredited and/or sophisticated. 

Anyone can buy a good deal, it takes a team to make that deal produce the returns it was promised over time, that team includes management which means they are basically a complaint desk of people’s perceptions or problems.

Reputations and perceptions of an area can change way before the data reflects it. 

This will help speed along the process and you will look like a sophisticated investor.

All MF participants should be sophisticated about how it all works.  

Knowing each of their strengths and weaknesses will really go a long way understanding a deal and when speaking with more sophisticated investors.

I could very well be wrong, but if that’s my perception, it’s probably other people’s perception.

Under 506(b) you can raise capital from both accredited and sophisticated investors (up to 35 sophisticated investors), but the catch is you cannot solicit investors and can only raise capital from investors with whom you can demonstrate a substantive pre-existing relationship.

Here's a link.https://www.biggerpockets.com/member-blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities