260k of equity on an 11 unit. Four checks or sixteen?

Small market deal, 11 units, all in around 640k with the lender covering the rest, so the equity need is roughly 260k. I have interest from enough people to fill it either way, which is the problem.

Option A is a 50k or 100k minimum. Three to five investors, one conversation each, one distribution run, one set of K-1s to chase. Reporting is a phone call and a page. In a rural market where the whole deal is smaller than one unit in a coastal building, the administrative cost per dollar raised actually matters, and a 260k raise with sixteen investors means I am doing institutional-shaped work on a deal that cannot pay for it. The concentration risk is obvious though. If one person holds 100k of a 260k raise, that person effectively has a veto on everything, and if their circumstances change at year three I am negotiating with someone who knows I have no easy alternative.

Option B is a 10k or 25k minimum. Sixteen investors, nobody holds enough to push me around, and I come out the other side of the deal with sixteen people who have seen a full cycle of my reporting instead of four. For a first raise in a market with low price points, that list is arguably worth more than the deal. The cost is real work per investor, and the number and type of investors you can take in changes which exemption you rely on and what your state requires on top of it, which is a securities lawyer question and not something I can eyeball. Small checks also tend to come from people for whom 10k is a meaningful percentage of savings, and that changes how a bad quarter feels on the phone.

There's a version of the argument that says the check size should follow the deal size and a version that says it should follow the business you're trying to build over ten years. Those point in opposite directions here. Where would you set it?