How to Structure Your Real Estate Fund

Module 1: Introduction to Real Estate Syndication

• Understanding the basics of real estate syndication.
• The importance of pre-existing substantive relationships in real estate syndication.

Module 2: The Regulatory Landscape

• An overview of SEC Regulations: 506(b) and 506(c).
• The role of advertising and general solicitation in fund structuring.
• Compliance considerations: Ensuring that referrals and promotions are within regulatory boundaries.

Module 3: Fund Focus: Broad vs. Narrow

• Benefits of a broad fund focus.
  • Flexibility in investment choices.
  • Adapting to changing market conditions.
• Drawbacks of a broad fund focus.
  • Possible investor apprehension due to lack of specificity.
  • Challenges in conveying expertise in multiple areas.
• Benefits of a narrow fund focus.
  • Clear investment strategy and direction.
  • Easier to market to specific investor groups.
• Drawbacks of a narrow fund focus.
  • Limited flexibility in investment choices.
  • Potential missed opportunities outside the narrow focus.

Module 4: Key Players in Real Estate Funds

• Roles and responsibilities of:
  • Sponsors
  • Investors
  • Intermediaries
• The importance of substantive relationships between fund managers and investors.

Module 5: Structuring the Fund

• Fund of funds: Understanding the concept and its benefits.
• Choosing between different legal structures: LLCs vs. Limited Partnerships.
• Geographic considerations: Where to register the fund.
• Asset-based considerations: Focusing on specific real estate types like multi-family units, Airbnb, mobile home parks, etc.

Module 6: Compliance and Documentation

• The importance of documentation in ensuring compliance.
• The role of emails and written records in establishing relationships and intent.
• Understanding Form D and its significance.
• Managing compliance across different states.

Module 7: Addressing Common Queries

• Can a 506(b) fund invest in a 506(c) fund?
• Understanding accredited vs. non-accredited investors in fund structuring.
• Addressing common misconceptions and challenges.

Module 8: Real-World Case Studies

• Exploring successful real estate fund structures.
• Lessons from industry experts and successful fund managers.
• Analyzing challenges faced and solutions implemented.

Module 9: Conclusion and Next Steps

• Summarizing key takeaways.
• Steps to initiate your real estate fund.
• Resources and further reading.

This course will provide participants with a comprehensive understanding of how to effectively structure their real estate fund, keeping in mind both regulatory requirements and strategic considerations.