private money structure through LLCs- still trying to nail this down

[Aaron T.]

I am still trying to nail down how to hold and structure private money we are about to receive.

There is no one stop shop or sticky for this topic, so it requires a lot of reading and not real one answer that works for everyone.

I have 4-6 Investors that want to put in anywhere from 20k-100k in money they have in the bank. We plan to pool the funds in an LLC and then with the pooled funds, buy vacant lots for new construction or properties to flip.

I am thinking of putting together a partnership LLC for the initial set of investors.
- Is there ways of adding more partners after the LLC is initially formed?
- Is this the best kind of LLC to pool funds?
- How is everyone interest to their investors? quarterly?

I was going to start a second LLC that actually buys the property, so the Partnerships funds are secured by the real estate in the second LLC.

Looking for any detailed suggestions to make this happen.