How to Pool Money for REI - Structuring

[Jared W Smith]

Hello BP, 

I've been having some trouble searching for a starting point and what steps are involved to correctly pool money for funding / financing REI. Initially I looked at a REIT, then crowdfunding and then RE fund and REI group before my head started to swell. SEC and attorney requirements started to make setting this up very costly.

I have several of my friends that are looking to invest in real estate. None of us may fit the technical definition of sophisticated investors, however myself and one other have real estate experience. I have access to attorneys at little to no cost to me. What is the most inexpensive way to structure things? Is it best to just set up a partnership with them all no matter how much they contribute? Operating agreement for everyone? 

Looking for advice..