Want to start a private fund with close acquaintances

[Irving Santos]

I would like your thoughts on how I should start a group fund to invest in real estate. I have this idea to save X amount money per week among 4 people. I need to know what I should open up (business checking account, LLC?) to make this happen. How would I write up an operation agreement that would list: no taking out money until amount goal is reached, how to divide earnings, who will control of operations and costs to maintain business etc.. Please I am new to this stuff and will appreciate every information you give me.

[Nathan Gesner]

@Irving Santos I think it's a bad idea to mix funds together until it's time to invest. In other words, individuals would save their funds and then the funds would only be combined at the closing table when applied to the purchase. Putting money together with no asset to back it sounds like a recipe for disaster.