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1031 DST offerings may only be sold to accredited investors, as defined in Rule 501 of Regulation D. An individual generally qualifies by meeting any one of three tests: income over $200,000 in each of the two most recent years — or $300,000 jointly with a spouse or spousal equivalent — with a reasonable expectation of the same in the current year; net worth over $1,000,000, alone or jointly, excluding the value of a primary residence; or holding a Series 7, Series 65 or Series 82 license in good standing. Entities such as trusts, LLCs and corporations qualify under separate criteria. See the SEC’s summary of the accredited investor definition.
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