b'As an example, a real estate blind pool fund might have a business plan to acquire multifamily properties ranging in size from 100 to 300 units in the central United States, with a plan to add value, and own and operate them for 5-7 years.The blind pool fund structure allows diversification of the investors risksbecausethecompanywillownmultipleproperties,allowingitto legally use the earnings from one asset to offset losses in another. In any other context, this would be considered co-mingling of funds. However, since your company is a common owner, it can consolidate earnings from all of its properties at the investment company level. You or members of your asset management team must have sufficient experience with similar businesses or properties before investors will invest in your blind pool fund.While it may sound attractive to create a blind pool fund and raise money before you need it, this truly is the hardest possible way to raise money.ProceedWithCautionmanyinvestorshaveblindpoolfunddocumentsthatsitinadrawerandhaveneverraisedadime;ortheyhavea$20Mfundthatonlyraised$1Mor$2Mdollars.Your Track Record is Key to the Success of Your Fund Few investors will invest in your fund unless your asset management team has significant experience acquiring and owning the same type of properties your fund plans to acquire.Your track record may take the form of a spreadsheet identifying similar propertythatmembersofyourassetmanagementteamhaveownedor 120'