Advice Sought - Raising Money For RE LTO Partnerships

Looking for advice, comments, concerns regarding forming real estate inveting partnerships.

We want to:

  1. create an LLC in which the investors would buy shares for a predermined dollar amount
  2. identify and present to appropriate investors
  3. assure all involved that we are a real company with a real opportunity for small investors
  4. cover our legal collective ass

The total investment pool would purchase a new home.

There would be a limited number of investors / shares sold, by contract

Investors would be repaid a) out of the profits of the home when sold AND b) out of the contracted payout for all business referred out of this home.

( We use the home to market our new home building business. )

The particular investment is in Julian, CA, about 50 miles outside of San Diego, CA. I am deliberately not including specific company information nor a link because I want to keep the discussion in the abstract.

What kind of informaton would you folks want? What are your concerns?