Buying LTR with friends/family.

[Elliot Lamson]

Hello BP. 

This is my first post. 

Question about buying LTR with friends. 
I along with all my friends play poker for a living. Most of us have the majority of are net worths sitting in safety deposit boxes. 

I'm looking into some Long Term Rentals all around the country. 

Since we are all self-employed its a little more difficult to get approved by a bank so we are looking at owner financing since coming up with a down payment would be no issue.  

Questions:
1). How do i go about structuring a "fund" or LLC using multi peoples money? (Is this referred to as syndication??)
2). When using owner financing is there penalties for paying the property off early? (lets say a 100k property in 3-4 years?) 
3). I have seen on CL some owners will just carry for 2-3 years then you switch to a standard bank loan. How does this process work? Does the bank need proof of income or is showing that we have made every payment to the owner for the last 2-3 years good enough? 

Thank you all kind people!!