Real Estate Option Form Real Estate (purchasing Property With Other Individuals)?

Real Estate (purchasing property with other individuals)? - real estate option form

I would like to know if it prudent to form a business partnership, rather than the money to someone perceived as a group to buy and sell property. I want to buy a group of investors train for apartments for rental and purchase of commercial property. In California, what are my options open for this kind of business plan, protected so that all investors?