If they are not passive and are involved in running the LLC then this is not subject to SEC regs. 

Your business has to run with or without their relationships or lack their of.

Dan Butler and @douglasskipworth run an impressive property management company here in our HOT market of Memphis!

I am looking into a  4-plex deal in Pennsylvania (a market I know a lot about) that is currently a rental property but after running a cash flow analysis on it, it has a lot of potential for higher cash flow as the current rental rates are well below market value.

Whether you call yourself JoshuaMatowitz LLC or are just acting as Joshua Matowitz your still running the same exact operation. 

They don't care how many I have, but I have run into issues when trying to refinance an investment property with a conventional loan.

@Sasan Nemabakhsh...Feel free to take what I'm going to respond with a grain of salt, and while not exactly the same, I've worked on some hospitality construction financing, and the lender I've placed with has appetite for ALF construction.I don't know about construction cap, but end should be running at a 8ish, on ALF, from my knowledge.You should definitely get a 3rd party feasibility study done to determine the answer to the question of market due diligence.  

**Generally you will get 2 types of properties here - really big homes that are expensive or really run-down properties that are selling for cheap.  

What were the primary /basic tools used to atleast get your business up and running?

Maybe we'll run into each other sometime I live near Weber and Indianola).