The benefit is UDFI does not apply to property acquired by a 401k plan (including a Solo Roth 401k) Section 514 of the Code exempts qualified plans from UDFI.

There are several exemptions to licensing including a Regulation D filing with the SEC.

Make sure you meet the Dodd Frank requirements with the required disclosures or determine that you are exempt.  

Has anyone here had any personal experiences with private equity or debt offerings exempt from SEC registration?

(Some property manages merely deposit funds to an account in your name.)They are operating a business and are not exempt (landlords are generally exempt).You, on the other hand, do not have to send a 1099 to your property manager, unless you're a RE Dealer (primarily a wholesaler/flipper), or possibly a RE Professional (meaning RE is basically your job, you have no other full time job, and you spend many hours at it).

D exemption to sell securities to your investorsAny other scenarios are smoke and mirrors.

., your Illinois base income from Schedule NR is greater than your Illinois exemption allowance on Schedule NR), or you want a refund of any Illinois Income Tax withheld in error.

While some here may argue that an individual is exempt from such requirements, no one knows how the new regulators will see things or what may pass through the mind of any judge!

For example in Texas wages can't be garnishes, annuities, insurance policies, retirement funds, personal residence are all exempt assets.

These were sold utilizing an exemption from SEC registration and have far fewer partnership interests.