LLC as a holding account for funds?

[Josh Calcanis]

BP,

I've begun exploring options for some creative financing. My plan is to have my first commercial deal done by the end of 2017. My question pertains to raising capital in the form of an LLC holding. As in have a bank account under an LLC, hold the funds from the capital raised, and purchase something in cash. With all things considered here (legality, taxes on 'income' and capital contributions, purchasing in cash) what are the downfalls of a setup like this?

Is this something where I'd have to have the deal ready to go or can I collect the capital and find myself a property? What about contractual agreements? What would make sense in terms of ROI to the capital partner?