Want to form a investing Group

[Jay Terpenning]

I'm not too new to REI, i have bought a few houses that i have lived in and then sold. I also had a friend I helped into a house once. I bought it then leased it to him for a year. Overall i made a little over $10k doing that.

Here is something that has been on my mind for a while. Some family and friends always ask me to let them know if i want them to come in on a deal. My question is can i set up some sort of LLC or group or something where i can have all of them in on deals. The way i see it is that if we all worked together, we can buy more real estate. In total there would be about 7 people buying with me... How can i make this work?

When i think about it i can see the future the way i hope it could be with us finding a deal, getting the group together to see who wants in, buying then leasing the property for a year or so, then profiting.

Please, you thoughts and advice on this... And if you have any advice on setting up this idea in an LLC or something is very welcome too! :)