Best strategy for utilizing money from co-investors?

[Chris Sullens]

So, I have completed my first real estate deal in Oklahoma City, which went fairly well. I posted about it here. I talked to people all around me during this process, and by doing so, I managed to generate interest from a few people who would like to invest with me. All together, I estimate that there may be a couple hundred thousand dollars to invest with. This is obviously just the very earliest stages, wherein these individuals have expressed interest in investing with me, but no steps beyond that have been taken. So, before I do anything, I'm looking for advice. What are some basic strategies and approaches that I should be thinking about? Who should I be talking to for professional advice to help put something together? Should I try to use the money as hard money and pay interest to the investors? Should we pool money together to create some sort of investment fund? Are there some basic rules that I need to be aware of? Can we use money from 401(k)/IRA's in this project? Should I be looking at larger multi-unit deals or commercial deals? Is there a book or reference I should be reading/consulting? I know this is a very broad question, but I know you guys have the best advice out there, so any bit of guidance is welcome and appreciated. Thank you!