people want to be capital investors for me. Now what?

[Clayton Crawford]

I am currently a little over a week in my first Direct mail campaign! I sent a "small" very specific list, and i've already received replies withing first four days! YES!!! I planned on doing this myself but i've been very vocal about my plans to my family and friends, so now I have two friends and family member that want to be capital partners in a BRRRR strategy adventure. What steps should i take now

How/where is the capital held during our search for the property? 

should i wait until i've found the property? 

place it in an account that can be easily accessed?

should we create some kind of contract regarding access to the funds?

any information would be great! I would love to hear actual accounts of how experienced investors did this.

as always, thank you all so much.