Raising Capital for $2.5M deal

[Craig Moreau]

After their first deal I hear a lot of people say "I wish I had gone bigger". I want to go big on my first deal to make it worth while but I am also being realistic. I found a deal that I haven't moved on yet but I would need to raise capital in order to do so. The property is a portfolio of 10 condos in the same association (11 total units). I currently manage a condo association of 127 units in which our company owns 97 of them. I think something of this size would be good to start for my own portfolio. 

I wanted to reach out to the BP community to get some advice on how to begin raising capital. I had a couple questions I wanted to see if I could get some advice on. Should I form the LLC and get the documentation in place prior to raising the capital? If this is the case I am concerned that the deal will be gone by the time I get this all in place. Do you need a license to raise private money and hold it for clients? How much capital would you need to raise to get your foot in the door of a $2.5M property? $500k?

I feel with my background in management of condos and apartments I'm ahead of the game in that sense but need help jumping into the investing game. I appreciate any feedback and insights you have. 

Thank you