I assume the most practical way would be to raise money from accredited investors, right?

I just need to make sure an investor is "accredited".

be the bank  many landlords change from owning the asset to owning the debt on the asset..GREAT performing notes are one of the better passive mailbox money investments.Also if your accredited  which I am not sure how they measure that syndication is good ( again the right sponsor is critical)Reits that are publicly traded .double tax free munis lots of things.

My guess is that this would fall under 506(b) assuming a mix of friends and family and/or accredited investors, correct?

As an accredited investor who participates in a syndication, do you typically invest with the same syndicator? 

If he has passed the rigorous requirements in the U.S. to teach in an accredited school, then you should be fine.

Better still is if they are "accredited investors" That's a SEC term.

I'm not sure if you refer toAmerican Home Mortgage Servicing, Inc. but id so they are accredited with the BBB and the have a B+ ratings.http://www.la.bbb.org/businessreport.aspx?

Can anyone invest in these notes or do you have to be an accredited investor?

Make sure your investors are accredited as using non-accredited you have to keep more documentation and the investors tend to take more work to understand the investments.Lot's of other stuff.Good luck.