A corporation raises capital by issuing bonds that may be secured by assets or unsecured, if this were a situation where a loan was solicited to several parties or the public, the exemption may be tainted and seen as a bond offering.

If your friend wants something that is very easy to invest in, then I'd urge him to invest in paper assets like stocks and bonds. 

:-)Completion guarantee secured by bonds are 99% off the time a requirement for LPs and lenders in the US, but the end buyer is not covered directlyIn Europe developers must often deliver a completion guarantee to the buyer if the property is pre sold as payments are made in installments along the construction process.

I use a Texas Instruments BA II Plus financial calculator, easy to use, in the owner's manual, follow the instructions for a Bond, a mortgage is the same thing.At this level, real estate is simple math.

We are actively looking for 100-200 unit deals, and since I live in Santa Fe, NM its any easy drive for me.I had a lengthy discussion with my PM yesterday, and they are filling units very quickly.

The short term, cash flow-only purchase means you bought bonds at that point, not real estate.

Thank you so much for this lengthy reply.  

More like a long term corporate bond.

Keep creating those bonds and making sure that you maintain the healthy ones.

Quote from @Jasmine Bond: Hey Paul,Hang in there.