Syndicate Idea Domestic Property Purchase & Development

Hi All,

An idea I have been toying for a short time and what better place to ask a question like this to find out more information from  the people in the know.

I would like to begin a small property trust or a trust that will suit this partiular setup. The investment will be for a duration of 3yrs with a total investment of between $2 to $4million depending on interest. This will be aimed at people wanting to invest from $15000 to $200000, who would like to have and invest property but not have to put in huge amounts of cash and also not have the worry of renting and paying rates and all the other annoying little peices of owning an IP.

The properties will be new purchases mostly house and land packages
The properties will be rented for the entire duration once the property is complete.
No returns will be paid until the properties are complete.
Returns will be paid quaterly minus the any expenses plus a 3% fee per quater of my services, this includes an addittional 2% fee for capital return on the investment properties not the whole investment. 
The property will be sold after 3 years
If the person wishes to be released from the investment their returns will be prorated and will be payed at the end of the 3 year term.
They cannot be released from the investment in the 1st year unless they find a buyer.

By rough calculations I expect the returns to be around the 10% mark based on current housing rises in QLD which will be the primary place of purchases.

Now I am sure there are many flaws with this idea but please if this seems like a far fetched idea I am happy to hear. Most importanly though if this is a good idea where do I start and would people invest with someone with little expeience in this industry. I don't want to kid myself but I am very capable of handling such a task with little difficulty.