Physicians, Dentists, Owners: You've Likely Already Earned Accredited Access
You run a practice or a business. Your income or net worth very likely clears the SEC's test for an accredited investor, and nobody told you what that opens. L5 Legacy Capital, a veteran-led real estate firm in Frisco, Texas, offers its Texas and Louisiana fund only to verified accredited investors. Here is who qualifies, and how to get ready.
By Byron Kizzie, Managing Partner · Updated October 2026
Not sure you qualify? Book anyway. We'll help you find out.
Physicians, dentists, practice owners and small-business owners: is this you?
Very likely. You know the pattern:
- High income, high taxes.You produce more every year and keep less of it. Every April, a bigger share of your hardest work goes out the door.
- No time.Your day belongs to patients, clients, payroll and staff. You are not going to manage a rental, chase a contractor or read a 90-page memo at midnight.
- Pitched constantly.Advisers, reps and "opportunities" arrive weekly. Few have their own money in the deal. Almost none will answer your call a year later.
- All your eggs in one basket.Your practice or business is your biggest asset, and you are the basket.
What you want is simple: your money working while you work. That is what the L5 fund is built for. You make one commitment. We find, underwrite, build, operate and report. You read a quarterly investor update and receive distributions when the projects pay them.
On taxes (educational, not advice)
Real estate can be tax-efficient for passive investors. Depreciation, including cost segregation, can shelter some or all of a distribution from current tax, and passive losses can generally offset other passive income. Ask your CPA how it applies to you; we're glad to talk with them too.
Why does accreditation matter to you?
It's the line between the investments everyone can buy and the private real estate wealthy families have owned for generations. If you qualify, you're eligible for a part of the market most investors never touch. You earned that. Use it well.
What accreditation is not: a stamp of quality on any deal. It decides who can invest, not what's worth investing in. Judge every sponsor, including us, on the operators, a project they finished, how they underwrite and how they report.
Who qualifies as an accredited investor?
You generally qualify if at least one of these is true under SEC Regulation D:
Income
You earned more than $200,000 in each of the past two years, or more than $300,000 together with a spouse or spousal equivalent, and you reasonably expect the same this year.
Net Worth
Your net worth is more than $1 million, alone or with a spouse or spousal equivalent, not counting your primary residence. Retirement accounts, brokerage accounts, business equity and investment property all count.
License
You hold a Series 7, Series 65 or Series 82 license in good standing.
Entities
You invest through a trust, LLC, corporation, family office or similar entity owning over $5 million in assets or having only accredited owners.
Three things do not make someone accredited on their own: a job title or military rank, a profession, or the size of the check. Our $25,000 minimum is an investment size, not a qualification test.
How does L5 verify accredited status?
Privately, in InvestNext, our investor portal, after the private briefing and before you sign. Never through website forms and never by email. You choose the route that's easiest for you:
| Route | Best for | What to have ready |
|---|---|---|
| Professional letter | Anyone with a CPA, attorney, RIA or broker-dealer | Your professional's contact details; written confirmation dated within 3 months |
| Income documents | Physicians, dentists, executives, W-2 and steady 1099/K-1 earners | IRS forms for two recent years (W-2, 1099, K-1, 1040) + written statement for this year |
| Net worth documents | Business owners, retirees, high-asset investors | Bank/brokerage statements dated within 3 months + consumer credit report |
| Returning L5 investor | Investors verified by L5 within the past 5 years | Your written confirmation that you still qualify |
What if I don't qualify yet?
You're welcome here, and you're not starting late. Many people qualify later as income grows, a business sells or retirement assets compound. Routes people often overlook: joint income or net worth with a spouse, non-primary real estate, retirement equity, and qualifying entities.
Meanwhile, don't wait to get smart. L5 Investor Foundations is our free, step-by-step track for people who aren't accredited yet: how private real estate works, how to judge a sponsor and a deal, tax basics, and every route to accredited status.
You've done the work. Let's see what it opens.
Book a private conversation with Byron. If you qualify, the next step is the private briefing on the L5 fund. If you're not sure, we'll help you find out.
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure.