You Can Only Have 35 Non-Accredited InvestorsRule 506(b) allows an unlimited number of accredited investors but restricts you to only 35 non-accredited investors.However, there’s a catch:Non-accredited investors must be financially sophisticated.They must have enough experience to evaluate the investment risks.From the SEC:“Securities may not be sold to more than 35 non-accredited investors… [who] must meet the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment.”If you’re planning to include non-accredited investors, make sure they qualify—or you could be violating SEC rules.3.

Hiring a good property manager may cost more upfront, but it’s often the better long-term choice, especially if you want to avoid burnout or costly mistakes.Happy to dive deeper into any of these points if it helps!

I would think their loan documents give them the right to control the property after the original owner dies - regardless of who is living there (although I have no direct knowledge of the laws where you live).There are details we don't know here... like if you want the house for sentimental reasons, or because you see the value between what it's worth on the market today and what the reverse mortgage company wants for it?  

They’ve taken payments for premiums and not bound the policies, and let the policies lapse without my knowledge.  

I’m passionate about real estate and am working towards building my investment portfolio, with a goal of acquiring five rental properties over the next five years.I’m here to connect with like-minded individuals, learn from experienced investors, and share knowledge along the way.

Coaching or mentorship in real estate investing can allow you to collapse time and "skip to the front of the line" by leveraging the experience and knowledge of those who have already achieved success in the industry.

This knowledge is key.

Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44). 

It seems like the perfect place, BiggerPockets, for finding people who are like-minded, asking them questions, and learning how to become a future investor.I believe that no matter how unforgiving the market may seem, the right tools, knowledge, and preparation can help minimize risk and create opportunities.

Great community to bounce ideas off of as I build my knowledge base.