Investment group and LLC questions

[Steve Sauro]

I'm looking for anyone who has experience with this sort of setup.

I have a group of 8 investors (friends/family) that are want to pool money to invest in real estate.  I would be one of the investors as well as handle the property management.  I would identify the properties of interest, get the tenants for an annual rental and handle all maintenance etc associated with management of the properties.

I can't be the first person to try this and I'm hoping to connect with others that can help me understand what is required to establish a new LLC (or similar), divide profits evenly as well as tax reporting. Am I oversimplifying this?

Feel free to reply to the thread or contact me directly.

Thanks!!