b'DEDICATIONI dedicate this book: To my syndication clientsto whom I owe many great professional and personal experiences, and from whom I have learned so much.To entrepreneurs who are using private investor funds without under-standing the syndication risks or crowdfunding rulesI wrote this book to help you understand how to comply with securities laws and why its important to do so.To the many investors seeking passive investing alternatives to the stock marketthis book will help you understand how a syndication works so you can decide whether to passively invest in real estate or small business startups; where to find such opportunities; and how to know whether the people with whom you invest are following applicable securities laws. Hint: If theyre not, dont invest!To my staff, who have been very patient and supportive while I wrote this book. To the many real estate trainers whose events I have attended and from whom I have learned various real estate investing techniques, including David Lindahl (REMentor), Susan Lassiter Lyons (The Investor Insights), Dave Reynolds and Frank Rolfe (Mobile Home University), Scott Scheel (Commercial Academy), Rod Khleif (Lifetime Cashflow), Jake Stenziano and Gino Barbaro (Multifamily Mastery), Robyn Thompson (Junkers to Millions), and many others who have generously imparted their knowl-edge. To all of you, I owe many thanks for your role in shaping this book and my securities legal practice.vi'