Need Guidance on Starting to Invest with Investor Assistance

[Bill Fennelly]

I am contemplating starting a partnership with 10 investors at $50,000 each to raise $500,000 to be used to acquire, renovate and re-sell residential homes.  I am both a real estate appraiser and broker with 25 years full-time experience and see opportunities all over the place...the problems is that I don't have the cash to get going and would look to investors for the financial assistance, as well as hard money lenders for renovation costs if needed...I am in the northeast and acquisition costs are high, for example the median price in my town if about $650,000 but neighboring communities see deals to be had around $300,000 plus renovations...any advice on starting with an investor group to fund the start up ?