b'11. Prepare Your Offering Package & Raise Moneyteam. If you are buying commercial real estate, you might include the pur-chase agreement, a property inspection report, a Phase I Environmental Site Assessment, recent appraisals, a preliminary title report, and so on. If you are offering investment opportunities in a startup company, you might offer market studies as well as information about the service or product the company is promoting.DONT DRAFT YOUR OWN DOCUMENTSMany people think they can draft their own securities offering docu-ments, but I dont recommend it. There are many perils to drafting your own legal documents, a few of which are provided below.Improper Structure/Loss of Syndicator Compensation. A com-petent securities attorney will help you structure an offering with respect to how you and your investors get paid. You may overlook opportunities for syndicator compensation via acceptable fees and/or profit sharingif you donthave competent securities offering structuring and legal advice.You Increase Your Liability for Failure to Follow Industry Stan-dard. Your risk of personal liability will be increased if you prepare your own securities offering documents, as it is customary to hire securities counsel for group real estate investments/syndications. Failure to follow the industry standard could subject you to person-al liability for negligence if things go awry.You May Not Make the Required Securities Notice Filings. The offering documents arent the only thing required of a securities of-fering. Notice of the offering must be filed with federal and/or state securities regulators (according to state blue sky laws) within spe-cific timeframesusually within 15 days from the date an investors funds become irrevocably contractually committed. If you fail to file these notices, the exemptions from securities registration that may otherwise apply to your offering could be lost. You could be accused of selling unregistered securities, or selling securities without a li-cense. An unlicensed broker may be liable for any investor losses. Selecting the Wrong Exemption. There are a variety of federal 129'