Most people get the real estate part but the proposal is to form the Managing Partner (Southwind) the real estate occurs later. We have secured approximately $5M in equity commitments and are in the process of putting together the operating entity.
We are seeking a couple of partners to help us with the formation a new multifamily company that is being formed. The concept is that each of the founders will/should have a say so on how the company is organized and operates.
We currently have 80% of our goal of $50,000. One of our proposed members pulled out for family personal reason leaving us with about $10,000 more to go. Each half share is $5,000 dollars with a combined total goal of $50,000. No one Founder can have more than 20% interest.
As of today, I have five people who have committed and several others said they will let me know later this week. We would love to have someone with a Real Estate background onboard but it is not necessary as running the company will require other skills as well. The founders commitment in time is at the individual founders discretion. Each founder can be as active or as passive as they choose.
We have already began working on the website and are doing some final text editing and would appreciate all comments.
Feel free to call me any time if you have any questions. I will be happy to provide you any additional background on myself and the current proposed partners and formation documents should you wish to join Southwind.