Looking to start a Real Estate investment fund - NYC area how to?

[Sabi Const]

My goal is to start an investment fund with a small group of qualified investors who are interested in flipping homes in the NYC and surrounding areas.

Objective: $1,000,000 fund to flip properties
Membership: 4-5 people with $200k-$250k to invest
Partnership is to be split in equal percentage (keeps things honest & attractive)

Looking for like minded people who are able to commit the capital, provide the real estate know-how and are problem solvers. 

The reason for the $1MM fund objective is because properties in NYC & boroughs are more expensive and being able to buy for cash will provide enough leverage. Additionally, future objective of fund is to reinvest the proceeds back into the fund and then ultimately acquire rental properties with high cap rates / appreciation estimates.

Love to hear your thoughts if this makes sense or just go about it myself on a smaller scale?