Forming a real estate investment fund

[Andrew Jennings Freerks]

Hello fellow investors,

After running my real estate company for 10+ years, and completing numerous value add plays, I am looking to scale up and go after bigger (commercial) projects.  In the past, I have raised $100,000+ for each one of my projects, but all on equity partnerships or by giving the investors a flat fee on the deal.  The larger projects I am looking at, would require more funds (probably around $500,000) and a longer hold period (3-5 years).  Questions I have:

- do I structure the deal where investors are paid out on an annual basis or keep them in as equity partners until we refi once the project is complete (3 to 5 years down the road)?  

- I think equity partnership makes the most sense for the investors I know, so how much does a fund manager usually charge and does he bake in a percent ownership, for running/ finding the deal?

- does anyone have legal paperwork drafts I could have to set up the real estate investment fund?

Thank you all for your help!