Mary wants to invest in some rental property near a major university.Mary approaches Sally and proposes that Sally invest half the down payment in an apartment complex.Mary would devote the majority of the efforts in managing the apartments.Sally would devote some time to managing the complex and would receive 30 percent of the profits.They plan to operate the complex as a partnership.Is Sally's investment in the apartment complex a security under the 1933 and 1934 Securities Acts?

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The Answer of Mary wants to invest in some rental property near a major university.Mary approaches Sally and proposes that Sally invest half the down payment in an apartment complex.Mary would devote the majority of the efforts in managing the apartments.Sally would devote some time to managing the complex and would receive 30 percent of the profits.They plan to operate the complex as a partnership.Is Sally's investment in the apartment complex a security under the 1933 and 1934 Securities Acts?

Mary Wants to Invest in Some Rental Property near a Major