Be careful regarding its transferability.

Under rule 144 you can have your original investors trade it after a lock-up period. But even with that, Reg D securities are not transferred very easily.

I had to learn all this when raising money for Qbix the last 7 years.

You MAY be able to have some sort of derivatives which are traded, like taxi medallion leases, and maybe they won't be considered securities since there is no expectation of profit (but then why do people buy them?)

IANAL