b'Increased Liability for Failure to Follow Industry StandardsNegligence Your risk of personal liability will be increased if you prepare your own offering documents, as it is customary to hire securities counsel for group real estate investments/ syndications. If the deal ends badly, it is possible that poorly drafted documents wont protect you, or that your investors will be able to claim they werent fully informed of the risksplacing the liability back on you.Failuretofollowindustrystandardsforissuersofsecuritieswho customarilyhireexperiencedcorporatesecuritiescounseltodrafttheir offeringscould subject you to personal liability for negligence, and could result in a complete loss of compensation for your efforts. Why would investorswanttoinvestinanofferingwheretheassetmanagertook shortcuts in order to save money, while putting the entire investment at risk from future litigation from disgruntled investors and/or regulatory agencies that could have been avoided with well-drafted legal documents? Required Filings The offering documents arent the only thing required of a securities offering. Notices of your offering must be filed with federal and/or state agencies within specific time frames (usually 15 days from an offer or sale of a security to an investor), or else any exemptions that would otherwise be applicable could be lost, and you could be accused of selling unregistered securities by either the SEC, the state securities agencies, or both. If you 100'