If you're going to have multiple members, and need a very clear operating agreement and exit strategy, you should hire one (and we'd be happy to help). 

NoOhio Revised Code4735.01 Real estate broker definitions.As used in this chapter:(A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

I would definitely recommend that you consider your $50k as operating capital and structure your deals to use as little capital as necessary to acquire and stabilize a property with the intent of pulling whatever capital is invested out of the property as soon as it is stabilized.

Dan Oliver - I would like to have more details of your area, if we can talk sometime.Carlette Ebanks - I am interested in your area of operation, lets talk sometime.Justin Stamper - i would look to buy with cash intially and then try to finance through bank.

@John HixonThanks for the kind words@Mark KvamThe following people I think should be consulted regarding your mobile home park purchase@John Fedro@Curt Smith@Ken RishelMaster lease options in general is where we "guaranteeing the net operating income NOI" on a master lease, have an option to purchase based on NOI, and then turning around the investmentAll leases are turned over to you as a master tenant and you in turn sublease  outThink of a poorly managed apartment building, with a low NOIYou increase rents over time and decrease expenses and efficiency of managementWith a master lease option, you can sell your option or exercise your optionMobile home park negotiations, I would think that that's a late sale and purchase agreement with a large down payment would be the most prudent way to approach it, you may need private money to execute the  sale and purchase agreement@Bill GulleyMight have a few ideas too

The criteria I am looking for are as follows:-Licensed, and Insured in Florida-Has at least a project manager, and a foreman underneath him/her so that the actual G.C. themselves is only focused on growing their business-Is willing to do a larger volume of projects with "discounts" on their profit end of each project me we do in exchange for more projects-Understands that nothing will be paid for until the project is done.I haven't gotten much in the way of leads at the local REIA's as of now, and I need someone.  

Perhaps most encouraging, at least to me, is that although many of the guests are now operating multi-million dollar Real Estate businesses, many stated right where I am now―not knowing exactly where/how to start, afraid of making mistakes, etc.Although we live in CA, we are looking to partner with my wife’s oldest son, who lives in CO.

Lending Club allows anyone to invest in their loans because they are fully SEC registered, whereas Patch of Land operates under Title II, Reg D, 506(c) and can only accept money from accredited investors.  

So here's the combined numbers for both props on a monthly basis.Purchase Price For both Properties: $120,000Gross Income (both properties): $5,965Gross Effective Income (10% Vacancy rate): $5,368.50 Net Operating Expenses: $2741.31- Cable - $50 (it's gerry rigged)- Water - $435- Electricity - $450 (3 months during the summer its $800 a month)- Dumpster Fee - $185- Fire Insurance - $41- Property Mngmt - 7% (I will use professional management)- Taxes: $363.34- Maintenance: $800Net Operating Income: $2,627.19Capital Improvements: $25,000 (roof, foundation, paint, flooring)The owner combines all expenses for both properties because they are side by side.

Would love to meet/help out anyone who is operating in the area.