More detailed overview coming soon, but some quick details...When: rules become effective in 60 days.What: There are 2 "tiers"Tier 1 - requires SEC and state blue sky reviews & fees, raise up to $20M per year, open to unaccredited investors, no audit requiredTier 2 - requires SEC review but no state blue-sky review ("preemption"), raise up to $50M per year, also open to unaccredited investors (limited to the greater of 10% of income or net worth), annual audit required, must use a registered transfer agent (FundAmerica will be helping to simplify this for issuers)Both - are open to unaccredited investors, can be used by startups as well as existing businesses, and are exempt from 12(g) registration thresholdsHow: Preprare offering doc's, get your audit done, use "form 8a short-form", submit draft offering to SEC, filing electronically via EDGARCompare to 506(c) - takes way more time to launch an offering, and far more costly in terms of legal fees, accounting costs, and annual reporting obligations.

Here is the overview:12 unit property (3 singles, 6 two bedrooms, 3 three bedrooms)Being sold from investor (red flag for me)I am using rentometer.com to estimate rent prior to first meeting. 

@Cameron Palmer  incredibly informative - thanks a lot for the Phoenix overview.

Why anyone would accept less is beyond my comprehension?

So,  I am currently in the "get comprehensive insurance with mega coverage camp" rather than the "form an LLC" camp.  

Could you please give me some overview on that?

I am participating in the MPLS 2040 comprehensive plan  by attending meetings and provided feedback that can be a big win for both landlord owners and renters in Minneapolis.   

I purchased a comprehensive spreadsheet package that takes an investor from property analysis through purchase, rehab and sale, to deal reconciliation as a way to analyze the success of the project.

What would be an overview of the steps?

Josh Thompson read this blogpost by Brandon Hall (he was on today’s podcast): https://www.biggerpockets.com/renewsblog/2015/05/10/invest-out-of-state-how-to-analyze-a-city/You can look up a city’s Comprehensive Annual Financial Report (CAFR) just by googling it.