Starting LLC w/ multi small investors into Real Estate Syndicate

[Michael Dole]

I am brand new to this forum and really love everything that I have learnt so far from reading through different discussions, so first off Thank You!

I am basically seeing if this is something that is even worth pursuing from a legal standpoint.  If it is possible, then I will definitely be contacting lawyers to help me further plan this out from a legal standpoint.  

I am an accredited investor and a member of a couple groups that send out Real Estate Syndications 1-2 times per month, usually starting around 50k and have good returns/rates overall.  I had this idea (which is probably not novel) but when I have looked to see others who have done it, the threads I have found haven't been quite what I am looking to do.  Basically, I am trying to create an investment group with 10-15 friends/family purely for passive real estate syndication.  No plans to expand this to other real estate investments to help avoid any major disagreements.  When I see a Real Estate Syndication listing, I want to open it up for anyone that would like to invest whatever % they feel comfortable - and if between all the investors we are able to reach the required funding, invest into the property.  The returns would then be divided up as per the percent of each of the investors. This will allow more of our family/friends that are interested in investing but may only be able to do $500-$1000 and still get some return to help diversity their portfolio.  I think it will also help allow all investors to invest into a more broad range of properties so that there is a better safety net then if you put 50k into one property.  I guess this basically is a smaller "syndicate" of investors that are investing into the bigger "syndicate".  

A few of my questions: Would I still be able to invest as an accredited investor if these funds were coming out of the LLC? Would an LP make more sense? If this is possible, is this something that could actually become somewhat of a business (i.e. charge a % of any positive returns for the time/effort I would put in to this - especially seeing as how there would be ongoing legal costs) and if so what is a reasonable % (remembering that this is with friends/family so that percentage would mostly be to build a side fund in case of costs)?