Technically, the relationship begins when the syndicator knows enough about you to know whether you are accredited, or unaccredited but sophisticated. That’s why a lot of syndicators might ask you to complete a pre-qualification questionnaire early in their relationship with you (or should). Additionally, the syndicator should follow up and take time to get to know you, and for you to get to know them. The SEC says it’s more about the quality of the relationship than the quantity of time; but there should be a passage of time between when you first met and when they made you an offer to invest (more than hours or days); and they shouldn’t be offering you “current or contemplated deals” that were in play at the time you first met – they should only be offering you future investment opportunities. Think of this like a dating relationship – the first meeting is to exchange contact info; followed up by a phone call or meeting to establish rapport and gauge common interests; followed up by further contact and/or education to ripen the relationship – all before the “marriage”/investment offer is made.