How to Create a Local Real Estate Fund

[Jeremy W.]

I am creating a local real estate fund with friends/family. The goal is to raise $10-20mm in order to invest in a specific area in the South-side of Chicago

Here is the focus:

• Multi-family, Office, and Land
• $500k - $10mm assets with value-add and core plus risk profiles
• On- and off-market opportunities sourced through brokers, note purchases, recapitalizations, shore-sales, and bankruptcy sales
• Medium-term investment cycle (5-10 years) 

My partner is a man who has lived in Chicago his whole life with 50 years of RE experience. He has done development, SFR, multifamily, and office investments here and has the right political connections

For those who have created a little fund like this or have been involved in one before:

1. What is the best structure for this type of fund? (given silent partners, outside money, etc)

2. What is the most effective way you've pitched the investment?

3. Who are the best money partners with these types of deals?

4. What questions should I be asking myself?

Thank you, -Jeremy