Building a fund

[Kendall Bond]

I am looking for advice on building a small to medium fund for real estate. We have access to deals that range from 25 to 50% of CMV and would like to start with about $500,000.00. I need advice on types of funds and best ways to make sure an investor is happy but not taking all of the profit either.

The goal is to buy and hold. building a portfolio of real estate rentals.

Any advice would be greatly apprciated.