Rob, its glorified cardboard, I call any of that stuff particle board.

The issue really arises for the borrower.

I can sum up the money issue real quick.

The requirements for an issuer are reasonably low.I guess I view this type of activity kind of like prosper.com or lendingclub.com... although secured, with higher limits, and hopefully more integrity via the intermediary function.Regarding "You still must produce an offering disclosure document and submit annual reports to the SEC."

In addition, each funding portal and each crowdfunding broker is prohibited from:compensating promoters, finders, or lead generators for providing the intermediary with the personal identifying information of any potential investor; or allowing its directors, officers, or partners (or any person occupying a similar status or performing a similar function) to have a financial interest in any issuer using the services of the intermediary.Source: http://www.sec.gov/divisions/marketreg/tmjobsact-crowdfundingintermediariesfaq.htm

It's an added measure of security that an issuer (in this case the crowdfund portal) must take to ensure they are only accepting money from accredited investors.

As an issuer, its best to deal with accredited investors that are able to assign a premium to the level of risk undertaken but there are various specific conditions under which an unaccredited investor may be legally involved in various types of offerings and also various conditions where their involvement could disqualify the legality of the offer.

My tenant who rented a single family home left multiple cardboard boxes and additional stuff outside the house besides the trash bins.

Originally posted by Mike Franco: Cardboard boxes or tents.

In other words, there is no restriction on who an issuer can solicit, but an issuer faces restrictions on who is permitted to purchase its securities."