Randolf is putting together a syndicate for the purpose of constructing four duplexes on a piece of land he now owns. Randolf would like to raise $200,000 for construction of the duplexes. He would allow the investors to share in any income produced and would like them to have the benefits of the depreciation deductions that would be quite large for the first few years after completion of construction. Randolf also notes that he would "like to avoid the SEC completely." Advise Randolf on what syndicate options are available