Help need advice on Group purchase

[Shannon Butler]

Hello. I recently joined a real estate group and a couple people want to do a joint venture(I believe that’s what it’s called) and pool our funds together to purchase commercial real estate. What are some things to look out for to be on the safe side as well as is it possible to have 20+ people on a loan? Thanks for your responses 

[John M.]

Agree with Ronald. You need an LLC and an operating agreement. The operating agreement will list the managing member and the equity interests of each party. 20 does seem like a lot, so I would pair that down a bit if you can