The concept is not terribly compicated.

If you can produce proof of a successful track record doing the kind of investing as you purpose for your fund, you are much further along.One of the problems you will run into in selling the fund concept is that most investors now want more transparency than a fund allows.

Same concept as people that use their own money of flips that don't account for what their money could be making just invested somewhere else.  

Because in the american legal system emails do not constitute legally binding agreements.You are an agent, so you should have some concept of contract law.

In the beginning it's all about getting used to the numbers.I assume you understand the high level concept.

So to add value and comedic relief to the blog area here, I've come up with the concept of "Jest & Jaded": a satirical, biographical, sometimes fictional take on my real estate experiences. 

@Russ SandiferThe initial concept of having your LLC partner with another investor is fine. 

We have access to a couple of off-market deals, so getting access to extra capital to make bigger deals possible (even at a cost to our GP position) or in the event that more-than-anticipated amounts of verbally committed investors back out is a concept that we are exploring.  

They are two totally different concepts that really cannot be compared against each other in a meaningful way. 

Worked out by simply asking and selling him on the concept of making interest and being the bank!