Creating Syndication for Multiple SFR Student Rentals
Hello, I am looking for replies from anyone experienced or educated in the subject of syndicating for multiple single family homes (i.e. raise capital for down payment/CAPEX/reserves, while getting blanket mortgage for remainder). I have great near-campus properties, but not sure what good cash-on-cash should be for investors (10%, 15%, 20%?) or which Reg D exemption I should target (I'm shooting for family/friends, but may have to extend PPM to reach goals). This is state of MA and one commercial bank has given me guidelines for how they could do recourse (25% down) or non-recourse (35% down), but I'm not sure if there are other approaches I should consider. Any legal or accounting thoughts welcome too; my accountant advises one LLC per property, but that means I would have to create 10 right away. Thanks for any thoughts!