b'How to Legally Raise Private Moneya common master private placement memorandum (PPM) and invest-ment summary. The investment summary will describe the criteria for the assets you plan to acquire. Each investment opportunity will be treated as a separate securities offering, with a separate asset, separate investors, a separate investment vehicle, and separate securities notice filings. The upside is that you can save some legal drafting fees and drafting time for future offerings as you wont need a whole new PPM each time. However, the downside is that you have additional documents (such as a master PPM and investment summary) to show investors for what is es-sentially a specified offering. This can get a little confusing for those who are used to seeing a specified offering document. The segregated offering can work for syndicators who want to buy a se-ries of single-family or smaller commercial properties with raises of only a few hundred thousand dollars, because it helps contain your syndication legal costs. For bigger offerings where you are raising $500,000 or more, a specified offering may be a better option and will be more palatable for your investors.TYPES OF RAISESAll or NothingIn an all or nothing raise, you will only be able to use investor funds if you raise a specified dollar amount. This can be risky for you as there is likely some point less than the amount of your projected need that would still allow you to launch your company. If you set a specific number, you would need investor permission to deviate from it if you discovered you needed additional funds. Best EffortsIn a best efforts raise, you will establish a maximum dollar amount for your offering and then attempt to raise it. You will be able to use the funds after you have raised any amount. This type of raise may be the riskiest for your investors because there is no minimum established that must be raised before investor funds can be used that would indicate to your investors that others believed an in-vestment in your company was a good idea. With a best efforts raise, you could be undercapitalized to the point where your company couldnt pos-30'