I have learned so much from Bigger Pockets forum on Multifamily investing and information on vetting syndicators,  to understanding the SEC rules on Accredited to Non accredited investors/sophisticated investors. 

I believe as a requirement, under current law, an investor has to be an accredited investor or a sophisticated investor.

Originally posted by @Mike Dymski:With little time and lack of interest in rehab, Bob may want to invest with others who have full time staff devoted to these activities (i.e. syndications).as usual, I agree with @mike dymskiI started out in summer 2012, and I bought 5 turnkey properties (all cash) with self-directed ROTH-IRA fundsin late 2015, I was about to start looking for my next turnkey property with the rental proceeds and IRA contributions, and I learned about syndicationsI bought an office park then, next a large apartment complex, a raw land deal, and recently a self-storage facilityI am looking at getting a mobile home park nextearly last year, my friend and I did a deep dive into what we felt was the most effective means of REI for busy professionals, and after a few weeks/months, we decided that loans/notes and syndications were the most passive (but still require due diligence) and most effectiveI would recommend looking into sophisticated/accredited investor status and look at the tons of info on BP regarding syndicationsalohasteve

UweThe 5% Management fee is what was quoted me by a local management company.The property already has an office manager and handyman on payroll and their expense was already figured in to the operating expenses. the 5% would be what i pay myself or another manger for managing the staff and property

We work with all of the major institutions (Which are mostly shuttered due to the resi fallout) however a good broker has a sophisticated Rolodex and contacts in private circles such as Hedge Fund Managers, and Real Estate Investment Trust Managers, not to mention the private lenders that will only deal with brokers.

The players are more sophisticated and less likely to be Looney Tunes like what you deal with when bidding on distressed SFD projects7.

I'm in a smaller town, so I don't even have uber, much less sophisticated matching services. 

However, in my experience, there's a range of sophistication among investors and you have to be able to adjust to whatever level they're at.

In 2014, there were 33,429 Reg D offerings that raised some $1.3 trillion. 99% of those offerings were raised under Regulation D’s Rule 506 exemption.Reg D has 3 exemptions, each of which requires the investors to be either an accredited investor or a sophisticated investor.

Maintaining your own staff means you have to carry workmens comp insurance,  have payroll taxes, and payroll accounting to do (or outsource).