Looking for Template for starting an investment group...

[Kiesha Curtis]

I am creating an investment group with several friends, who do not know each other. Our plan is to purchase and flip homes in our local market. We are creating an LLC, and I wanted to find out if anyone has done this (an LLC with people who aren't familiar with each other) and could recommend some best practices for forming the group and any essential language for our operating agreement. If you have a group like this, how are management roles handled, how are profits handled (do you distribute all the profits after each deal OR are the members required to re-invest a portion), how are new members added, and what if someone wants out? Any guidance would be appreciated.

[David M.]

@Basit Siddiqi Oh good point.

@Kiesha Curtis I must have read your post too fast last night.  What is "...several friends, who do not know each other?"