b'properties you plan to acquire. Each investment opportunity will be treated as a separate securities offering, with a separate asset, separate investors, a separateinvestmentvehicle(suchasapromissorynoteoroperating agreement), 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 private placement memorandum each time. However, the downside is that you have additional documents(suchasamasterprivateplacementmemorandumand investment summary) to show investors for what is essentially a specified offering. This can get a little confusing for those who are used to seeing specified offering documents.The segregated offering can work for asset managers who want to buy a series of single-family or smaller commercial properties with raises of only a few hundred thousand dollars, because it helps limit your syndication legal costs.Forbiggerofferingswhereyouareraising$500,000ormore,a specified offering may be a better option and will be more palatable for your investors. Caution Regarding Retirement Fund Investors TheEmploymentRetirementSecurityActof1974(ERISA), DepartmentofLaborRegulationsstatethat,unlessexempt,whena retirementplan(whetherself-directedornot)ownstwenty-fivepercent (25%) or more of the total value of the interests sold in a company, the interests may be deemed a plan asset. Once deemed plan assets, the issuer 117'