Good point Pavel, The multi family buyers I have run into are overall much more sophisticated than the SFR buyers. 

Not saying this is be all end all, just saying that $50k buys you some trouble, take the next step establish a sophisticated and reduced risk, less resistant path.

Trouble for them is, I have a much more sophisticated system for not being reachable than they have for contacting me. 

There are also sophisticated private lenders (lawyer's, doctor's, and other wealthy individuals) that lend out their money.

. :)  Correct, smaller less sophisticated tenants are more return, more work.

They were blowing all their money at a casino. 

Most will need to be under an institution due to asset requirements, but that can be in the form of a bond, I doubt it will apply to any attorney as you have already jumped through this and you're acting as legal counsel.States may have educational requirements to be a broker who will oversee or sponsor an originator.So, the level of sophistication and experience may well be dictated by insurance companies accepting the risk rather than a state determining qualification. :)

Once you advertise, or "generally solicit", you will be subject to the "reasonable steps" law and self-verification will be out as an option - this could impact your current investor relationships.I should note, this is only one of the perils of "general solicitation" and it also requires you develop sophisticated offering documents that clearly outline all the risks associated with investing with you and in your deals.

The lawyer may not be able to answer sophisticated questions about your corporate entity that is incorporated in a foreign state.

I have enough cash and experience now that I would like to get a little more sophisticated with my next purchase.