If you don't qualify you can amend your taxes now and then re apply in a couple of months. 

There is a way to publicly solicit to private investors as long as they are accredited investors:The SEC voted to adopt amendments to Regulation D under the Securities Act to add new Rule 506(c).

So as far as I know you cannot change the splits over time without filling an amendment to your LLC with the Secretary of State every time you want to update it.That being said, you can give whatever splits you want regardless of what is in the LLC docs. 

At a minimum, the plan needs to be kept current with tax code changes via an amendment process. 

This is my only opportunity to be a rich person, which is something I really want.I'd already amended my post before I saw your response, but sure, a little tongue-in-cheek there...

It sounds like there is a very valid reason for wanting to sublease, and I would hope that if you are straight forward with your landlord in explaining what you would like to do and why then you should be able to come up with an agreeable solution together ... if so, it will probably be as simple as amending the lease to let the current roommate out and adding back in the new roommate in their place without changing any of the other terms, and as long as everyone agrees to that and signs the amendment or revised lease, then everything should be cool. 

I finally got an attorney and filed the action.. as I had 40k large at stake and this was a hoarder house extreme. you could not even see the house berries had grown all the way over it.. and there was over 60k in code violations.long story short 2 years later 20k in legal fees judge orders her to sell to us and she still wont sign.. title company makes me amend our order that takes another 2 months then we closed.Also I had to put up the entire amount of the purchase price in CASH into escrow on the date we were suppose to close it sat there for over 2 years and we are talking low 6 figures.. 

Good to know about putting clauses in the contract.I'll amend my post - the state I am working in is Indiana, not Minnesota.Thank you!

I am licensed in the state of Virginia and take continuing education courses to stay abreast of industry changes, fair housing laws, and landlord-tenant act amendments. 

Specifically, according to Kevin Birmingham, Transaction Issues Chairman for the California Association of Realtors®, the Board of Directors voted to amend AB 2039 (Muratsuchi) to prohibit the use of so-called “shill” bidders working for an auction company, so stay tuned.Other BP forum postshttp://www.biggerpockets.com/forums/311/topics/177...http://www.biggerpockets.com/forums/81/topics/1115...http://www.biggerpockets.com/forums/67/topics/1793...