b'Manyspecifiedofferinginvestorswillneverinvestinablindpoolfundtheyliketheideaofdecidingwhethertoinvestinaspecificpropertyandarentcomfortablehandingovertheirinvestmentdollarstosomeonewhoislookingforpropertytoinvestin.If you do have a fund and are having trouble raising money, the best thing you can do is get a property that meets your investment criteria under contract and raise money for it. After you close on that property, wait until you have another property under contract and then re-open the raise to a new round of investors. This is called raising money in tranches or a series of closings. Eventhoughablindpoolfundtechnicallyallowsyoutoraisemoneybeforeyouhaveaspecificpropertytoacquire,investorswilloftenwaituntilyougetapropertyundercontractbeforetheyinvest.Complexities of Blind Pool Funds Blind Pool Fund documents can be quite complex, as you will likely be raisingmoneyformultipleyears,andyouwillbeacquiringmultiple properties acquired over a period of time.Truing Up Early investors may feel like they created equity in the early projects, but later investors get the benefit. It is common to have a built in truing up formula in your offering documents that adjusts the amount later investors pay to buy into the fund. The adjusted cost for new investors is based on a formula that calculates appreciation your fund has created in its previously acquiredproperties.Optionsfordeterminingappreciationincludes 122'