It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

I'm curious John Slater, how much did you invest in this club before doing your first deal?

Thank you so much for taking the time to respond.Here’s where I’m at in my journey:I don’t plan to rush into purchasing my first property.

Thanks so much!

The other issue is that it does not have much equity at all.

The advantage of this is that the investor need not be accredited.  

You need the right solution for your day to day operations.Your need is to make the management side easy, so that you can analysis your accounting, business and management all with only one entry.

You need to buy the right property. 

Probably not enough the IRA to own real estate given reserves needed and such.

Assuming the place is in good shape, there isn't that much management.5.