@Jason Eberhardt Now you are crossing the line and getting into the territory of issuing illegally unregistered securities to persons that possibly aren't accredited investors; a violation of federal and possibly state securities laws -- way to go!

If you ever want to take your appreciation out of CA and defer your capital gains, you might want to also consider syndications if you qualify as an accredited investor. 

Here's my top 3 rankings.1) The investor is not accredited and hence does not qualify.2) The second thing is lack of liquidity or timing.3) Diversification - they may be over concentrated in an asset class or geography or both.Ironically, its rarely that they don't like the market, deal or sponsor.   

However, you should be aware that through your education process you may be qualified as an accredited investor and can get into large MF deals now.  

(he would need to be an accredited investor to invest in a DST) But this could potentially defer all his tax.

I recently found out that, in the state of California, a person with a real estate degree from an accredited four-year college or university may be exempt from the two-year salesperson experience requirement to become a broker (http://www.dre.ca.gov/examinees/BrokerExperience.h...). 

Unlike other areas, St Louis has dozens of independent school districts, some of which are so poor they aren't even accredited by the state.

@Stephanie Bureau If you go on the TREC website you can find schools that are accredited with TREC, both online and classroom.

Recently, non-accredited investors could start investing with $1000-2500 minimums into RE crowdsharing sites (RealtyShares, etc.). 

I would say I am moving pretty quickly all considering (especially since school just started and I homeschool half the time- which is also why I am looking into scaling the business as I NEED help, I don't have a ton of time to put into it but want to grow quickly)  I have heard that it has taken some successful investors months before they close on their first deal so don't lose hope!