How to sell part of a apartment complex
I’m looking for advice on selling part of a cash flowing apartment complex.
Why? I’m at the end of a full gut and remodel of 28 units. I need about $300,000 to finish the asphalt, landscape and last unit. I also want some cash out for another project and my Freddie/Fannie refi just imploded due to Covid-19.
The property is currently financed with private money. Considering a bank bridge loan to get out if private money and through the current lending turmoil to full Fannie/Freddie refi.
3.5MM complex, selling $100,000 units/pieces. If its in a LLC already what legal forms should I have to protect the investors and myself?
Is this still considered a syndication?
Would this be considered a stock sale and subject to burdensome regulations?
Advice, warnings and pitfalls please.