Broker-deal registration

My partner and I are raising funds via a PPM for a small real estate investment fund (friends and family only). The offering will be an exempt 504(b) offering. We will not get any commissions, fees, etc. from the fund raising process. What are the triggers for broker-dealer registration and will we have to register as broker-dealers? Let me know what additional information you may need to answer the question. Thank you.

You should speak with a local securities attorney to determine the requirements for your state.