"He's wanting people to invest, he's going to hold 51%, with the other 49% open to anyone that wants to invest."
"They want to have a board of directors with 5 people max that have final say. If you invest you get one vote."
"Here is my concern if my friend my cousin, and I do decide to invest, we've already let it be known that we want the dining, bar, kitchen, and patio."
So far we have "He's wanting" "They want", "If my friend my cousin and "I". Oh, and the approximately 47 other investors.
That's a lot of miscommunication I guarantee will happen.
I think I would want a lot of details ironed out before anyone saw a penny of my money. I'm not a gambler and I've never invested in anything like this so maybe this is how it's done but it seems like a huge set of problems.
Basically, who's the real boss? Who says you, cousin and friend can run the kitchen and bar or whatever if there is a board of directors, the 51 percent guy and all the other investors?
when does that decision get made? before you all invest or after and by whom?
How long does your running the kitchen/bar last? Forever?
What results are you expected to achieve?
Does any "profit" you make from bar and food sales go to the club or does it help pay back your investment?
Who decided how much work is needed on the total property, who will do the work and how much it will cost?
Does the first round of investment from everyone cover just the improvements or does that include operating capital?
How did the investment price come about? Who made the valuation and based on what?
Who handles the liability and for what?
The kitchen is in working order you say? What if you find out a week after you open that the walk-in, the oven or the dishwasher needs repair/replacement? Do you and the cousin and friend pay?
Who is Mr. 51%? Does he know what he's doing and have a trackable background?
Why did the CC close in the first place and why would this time around be any different?
What kind of country club is it going to be? High end, middle of the road, a neighborhood gathering place? Does that end goal fit in with potential membership?
Okay, that's enough.
You don't have to answer all those questions for me, obviously. But you should find out the answers if you don't know them already.