Biggerpockets is far more geared towards us new investors so you'll find a skewed voice from participants on the boards.

If you are capable of this exercise, then participating in syndicated private placements may be a good option for you.

Regarding taking a 401k loan:You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

The fact that you're not an accredited investor may keep you out of certain passive investments in institutional funds, but doesn't disqualify you from the OZ benefits. 

- sharing of revenue profits or losses- sharing of capital gains or losses- is any payment to be made to either other than as share of profits, eg for ongoing services- will the participants be operating a ‘salary/dividend split’ – ie taking their month by month requirements by way of low salary, balance as dividends?

Though many financing institutions are changing their policies regarding this, you need to look into it before pulling the trigger.

@Monique ODellWith 500k and good standing with financial institutions/experience I believe it is very doable.

In that case, it doesn't matter if the company is member-managed, because certain members will attest that they didn't participate in management and therefore will likely be deemed passive investors.

Passive losses of up to 25k can be deducted against other ordinary income in you meet active participation rental requirement and if your AGI is below 150k.

The bank is going to want more than 1-2 months of payment history to judge your credit worthiness, the longer the betterSo my advice is to A. start using credit karma immediately. it's free and accurate enough and B. if you want to use banks and debt to run your investment strategy, then you need to participate by their rules.