Setting up JV for Real Estate Buy & Holds

[Robert Piller]

I am looking to create a JV for investment in rental singe family houses in a market. I plan to find the properties, actively manage the properties through our management group and use the fund to purchase and rehab the houses.

I plan to raise $1 million per JV. Goal is rental cash flow for 3 years, with the plan to sell the properties (either individually or as a parcel) after year 3 -depending on market conditions.

Since I am doing most of the work - any idea what would be a fair split of ownership management and other fees?

I might want to spin off the management portion, if I end up setting up a JV in a market in another state. How would that affect the ownership, management fees and other fees?

Any other issues I am overlookig or should consider?

Thanks.