Check with your lawyer, but the SEC has some overviews here: http://www.sec.gov/info/smallbus/qasbsec.htm#eod6 http://www.sec.gov/info/smallbus/qasbsec.htm#eod

Check with your lawyer, but the SEC has some overviews here: http://www.sec.gov/info/smallbus/qasbsec.htm#eod6 http://www.sec.gov/info/smallbus/qasbsec.htm#eod6 Sounds like a lot of hassle for those 35 non-accredited investors you get with Rule 505/506. I'd also be interested if anyone else used that mode for non-loan investments.