Talk to your lawyer about your specific situation but generally the jurisdiction of your fund will be a natural result of the structure you choose and where you and your investors are located (in some industries it might be focused on a global hot spot for the industry).  

The bigger focus from my viewpoint should be the general health of the job base and trends in those industries.  

@James Wise   beat me to it... frustrating for the industry ...

I do not regret one penny spent toward my industry education and consider it as an investment in the future of my company.

Two-and-a-half years into the U.S. housing recovery, the real-estate industry is rolling out new ways for individuals to invest in the property market.Brokers, property managers and others are helping buyers purchase houses in distant cities and manage them as rentals for a fee.

Because of that, we don't get the mass production capabilities like the auto industry that can drive down costs.

While though this situation is not same that news story has placed a spot light on this industry and all are being watch.  

Maybe you have a KILLER website and he's unsophisticated enough to believe you have a lot of knowledge and experience in the industry (hard to believe, but possible....) or maybe he's a shark looking for an easy meal in a shallow pond.No offense to you and your eager desire to get into real estate, but this guy sounds like a scammer. 

A professional with knowledge in the industry can guide you through that.The bottom line is that you can use leverage to accelerate the growth of your tax-sheltered IRA.  

No question the construction industry is slow and resistant to change - as are the municipalities and buyers.