Possible business opportunity, not sure how to execute on it

[James Taylor]

I live in San Diego, it is expensive to invest in real estate here.  

I have friends that have cash, and would love to do what I do but don't want to do it themselves.  (I have rentals in my hometown and surrounding area in WI)  I have been approached by people that have money and would want me to invest in properties in that same area for them. 

I know there is an opportunity here but I'm not seeing it.

I don't want to move back, so I won't be able to gain from the management of their property.  I would be able to check on the properties from time to time and have the houses checked on by others, and maybe even get some easy maintenance done for all of them at a discount as I have those connections.

I was thinking that I could take a percentage of the close, and a percentage of the management fee.  I would have to work that out with my property manager/realtor.  I would also have to work out with my property manager if she would want to do more properties.

I was thinking that maybe a friend could open a management business, and start doing that together.  I would just get a percentage, but I'm not sure how many properties he would be managing so that could be a full time job for him.

So I'm at a loss.  I have friends that want to get into real estate with cash sitting idle and I am sitting idle not knowing what I could do for them and for myself.

If anyone has any other ideas I'm open to suggestions!