For a few properties, I wouldn't bother with an LLC, especially if it is a foreign corporate filing (being the Republic of Cali), you insurance is sufficient, select a good manager, they will be insured as well and Mo. is pretty landlord friendly, IMO, so there really isn't a real shield for liability from an LLC as those promoting entities lead you to believe.

If you want to allow non-accredited investors (google that term, its well defined by the SEC) you can only promote it to people you personally know.Any time you want to get a significant chunk of the cash needed for a venture, you are going to give away a similar chunk of the ownership (equity.) 

I really hate promoting the BiggerPockets Flipping book (because I wrote it and it feels wrong to promote my own stuff), but based on your couple previous questions, I think you'd find it the most useful place to start:http://www.biggerpockets.com/flippingbookFor feedback on the books, you can do a search on this site for threads about it or read the reviews on Amazon.com

I never considered it until I sort of accidentally read a book from the library about Real Estate (I was just trying to read 8 books in a month to get a free coffee mug as part of their Adult Reading promotion).

All these laws are designed to regulate the sale and promotion of securities, in this case private placement shares of a real estate syndication.In your case, if none of the members of your local networking group are going to be charging a fee or earning a commission on the sale of shares (securities), then these regulations do not apply to you and you can do whatever you all agree you want to do, without concern over accredited or non-accredited investors....You should have a professionally drafted LLC agreement, as your governing document.

Have you checked to see if there are any other fee's such as for shared lighting or other fee's to promote higher property values in the surrounding area.How are the recent sales?

I'm not promoting the deal however if you could separate the utilities (or most of them) and pass on the expense to the tenants you could definitely help your bottom line.  

Hi all,

This has been a serious question of mine for a long time. I know land-banking has been an iinvestment tool for big investors for a long time. I've done a few little deals here and there for small investors ...

Your proposed structure provides a return of capital before you get any "promote" fees.

I'd then create a post on BiggerPockets saying where you are from and that you're looking for advice on how to find an ethical mentor in your area.This will help promote you with other people who have keywords set up for your area.