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@Alexandra FisherIf you are an accredited or sophisticated investor I recommend spending time underwriting operators/syndicators in the Midwest and South East and invest in multiple projects to build a diversified portfolio of multifamily investments.

There are exemptions that you might be able to use, and there is one in Texas (and in other states, and at the national level too) known as the "private fund adviser" exemption where essentially you are exempt if you are selling solely to accredited investors.  

There are also syndications where you can invest as non-accredited but have to be very careful with those agreements.

They would need to be an accredited investor for this to be utilized. 

If you are making a really big bet make sure you get very qualified counsel and deal only with accredited investors...and use only a portion of their net worth4.

I have lined up interested investors, but many of them are not "accredited."

As an example I am a commercial retail sponsor that syndicates.So accredited investors typically looking for a passive return with some upside invest with me.If you are wanting to be passive that structure is more passive.

Question for the accountants and syndicators out there: Would you count someone taking a 401k/IRA distribution as income towards the $200k annual income requirement for accredited investor status?

I am a non accredited investor, FYI.Also, would anyone recommend a "Lonnie deal" for a California mobile home?