REAL ESTATE INVESTMENT COMPANY/PARTERNSHIP/LLC in North Carolina

[Peter Cephas Dahabreh]

Hello BP Tribe!

I hope all of you are well. I wanted to ask the community a question. I am in the process of interviewing family/friends for pooling our money together to invest out-of-state. Not that much money obviously otherwise we would invest in LA but we really want to have financial freedom in 10+ years. The problem is I am in charge of doing all the legwork but I need some help. 

How Do I structure the operation of the company? How does ownership get determined? When do payments/distribution happen? What happens to investment % when someone like me wants to keep the money owed to me back into the company for a plan to purchase another investment property the next year but lets say a partner just had a baby and wants to collect some or all of his due earnings? I want to be able to have the bureaucratic aspect of the operations so I can be 100% honest and straightforward about expectations and whatnot. 

Thank you,

Peter