10 person investor club

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I'm in the process of forming an investment group to purchase a small/medium sized apartment building. I'm thinking about the following

1. form an LLC of which all owners are members and are all actively involved in the day to day operation of the business

2. we make decisions together, though most of everything will be specified up front in the operating agreement (what we will buy, how we will spend money, and how we make decisions about when to buy, when to sell, etc)

3. make sure to include clauses about "how people can leave and get their money back" and "how we can force someone out of the group" -- these will all be family/friends, but you really do never know what will happen with people and money.

my questions are:

1. I read about a $25,000 deduction against W2'ed income - is this a fantasy? this would be a great side-benefit for many of my friends who are employees of big companies

2. Any reason to get more complicated than one LLC / one bank account for this? I plan to let everyone havfe access to log into the account

this is a great site - thanks to everyone

The Publisher!