Hi Gary,It's a little unclear if your asking how to Syndicate or how to Invest in a Syndication.If your asking how much it costs to Syndicate a deal Ben has covered it very well.But if your asking about how to participate in a Syndication here it is.To invest in most Syndication you will probably have to be what's defined by the SEC as an Accredited Investor or a Sophisticated Investor.The determination of who is Accredited is easy for the Syndicators.The determination of who is Sophisticate is more of a judgement call, and some deals will be Accredited Investors only.Different Syndicators will have different minimum buy in amounts to participate in the investment.Common amounts seem to be $50,000 and $100,000.

Hi All, I am looking to invest in rehabing a property in Puerto Rico - Sabana Seca area.

In fact, it is also regulated by the SEC as a Community Investment Trust.

Scout, Here is the statement from the SEC as to why this direction was taken:http://www.sec.gov/litigation/complaints/2006/comp19864.pdf It is in PDF, so you need Adobe Acrobat.If I were an investor, after reading this statement I personally would feel more comfortable with the SEC involved.

(I'd disagree though, minimizing SECA tax is hard to do without entities).

In 2011, the SEC as directed by Congress in the JOBS act of 2008, created Reg D 506c, a section that allows for general solicitation and advertising of securities in a private placement, especially the offering of securities in online platforms or websites.

I also want to put a strong emphasis on what John said.In 2020 there was a "fund syndication" that was investigated by SEC as it promotes real estate with fraudulent mechanisms and is suspected as a ponzi scheme. 

If it is to buy a piece of property, you may be better off doing a note and lien secured by the property to avoid anything related to SEC.  A

The second item we may need help with is filing with the SEC as a syndication.

Further, you will be subject to the numerous and various fraud, securities and trade laws should you be sued by a disgruntled investor.Forty some years ago the SEC decided to rectify this situation by creating a well defined private offering exemption from registration offering option known by to rule numbers Regulation D 504, 505 and 506. 506(b) became most popular, 506(c) was added to accommodate internet offerings about 6 years ago.The gist of compliance with Reg D is the issuance of a private placement memorandum, the acceptance of only accredited investors as investors, disclosure requirements, and the filing of a Reg D form with the SEC, as well as notification filings with the individual states where the investors reside.The cost of the Reg D all in, mostly legal and filing fees, ranges from $10,000 to $25,000.