I am gathering a few investors together and want to set up a "company" to pool our money and buy properties for cash. These will be rental properties that are not local to me so (may) require a management company.

1) LLC or other?

2) How many investors is too much?

3)  General experience in setting this up as well as avoidable pitfalls.

4) Should it be property by property LLC or other?

5) Pay out schedules?

Any info on this would be extremely helpful, thanks in advance.