Proper investment vehicle for pooling funds?

[Travis Doyle]

Greetings,

I currently live in NY, and am looking for the best investment vehicle to pool funds for investing in real estate. My partner is very established and people want to invest with him. I was wondering, what vehicle will give us the least headaches. I am all about doing my own research, so if you point me in the right direction, I would greatly appreciate it.

We want complete investment authority, while paying yearly interest during the life span of the fund.

Is there a simpler easier process for someone who is just starting out? I greatly appreciate any insight you can provide.

We are probably looking to raise between $1-3mm from friends, and was looking for the right vehicle that won't be cost prohibitive.

Thanks again!