Basically one of my friends is trying to start up a business where he would raise money by selling shares of the company, where this company would use the funds to build a real estate portfolio, this includes basic rentals, flips, or revo/rental.  We will focus more on rentals as we want to build long term equity.  

Now the issue is that after the initial investment, he wants to continue to raise money the next year to buy the next property and so on.  The issue becomes is how to structure this so early investors are being rewarded.  as the way the math was being done, after the 1st year with closing cost and fees, the company valuation would be less then the funded round.  

How do you handle multiple investors where its not handle per property but instead as a whole portfolio.

Please point me in the right direction.