Today we’re going to talk about the biggest mistake real estate syndicators make not realizing they’re selling securities. Anytime you raise money where the returns are generated by your efforts, you’re selling a security. The structure itself doesn’t matter. People try and get creative and create notes or tenants in common agreement or side letters, but the structure doesn’t matter. If even one investor is passive, you are in the business of selling securities and you’ve got to either register it, find an exemption or it’s illegal.