b'How to Legally Raise Private MoneyObtain financing from institutional sources, if availableHire a securities attorney to prepare your offering materials for inves-tors Raise money from investors, either on your own or through crowdfunding Close on the property, acquire the business, or develop the productOperations PhaseIn the operations phase, you will:Hire a professional property manager or manage the property yourself and oversee capital improvements such as rehabilitation or development of the real estate Operate the business, or develop and market the productMaintain books and records for the company Make distributions to investors and yourself according to the waterfall distribution schedule you will establish in your companys governing documentsLiquidation or Disposition PhaseIn this phase, you will:Prepare and market the property, business, product, or company for refinance or sale. This is known as a capital transaction. Ensure that all outstanding debts get paid. Otherwise you could get stuck with them yourself after the company dissolves, or have to ask investors to give back money. Follow the waterfall you have established when forming your company, describing the order in which cash the company generates from a capital transaction gets distributed.As you can see from the above lists, a syndicator wears lots of hats. For this reason it is important to decide how you will share or delegate some of these responsibilities, as it may be too much for a single person to han-dle on his or her own. Most successful syndicators either have manage-ment-level partners or paid staff. Which model will work for you? 32'