What's the simplest way to structure private equity deals legally
I have multiple friends/people in my network interested to be private equity investors/partners in my flipping deals in WA. The agreement is that I will be receiving 20% of profit for managing a deal from purchase to sale. Every partner will then get a percentage out of profit equal to the percentage their investment represents out of the needed funds. If there is a loss, it will be divided according to the same percentages.
What is the simplest legal way to structure these deals given that every deal will have different partners/investors and the property being purchased for each deal is not defined beforehand?
Whether the answer is an LLC or not, what is the tax, title, profit/loss division and liability implications?
I am a newbie in such matters, so please explain in plain english :)
If you also have a recommendation for a real estate attorney in the Seattle area let me know.