Forming an investment group

[Darren Miller]

Good afternoon! A successful home inspection company owner and I have spoken of creating an LLC, 4-5 or maybe more professionals to do some flips and buy and holds. We are tossing the terms around, maybe a 20-25K buy in and for the first five years taking none of our profits out, only using it to acquire more rental properties. We are also discussing a requirement to invest 20-25k annually as well. We have an attorney on board to join, possibly a banker as well. Has anyone out there had any experience with this? Pros, Cons? I am an agent that will assist in running numbers, finding / selling our deals, the attorney will get our contract in place, home inspector for leverage..etc. What do you think?