You will need to set it up as an LLC and you can set it up where it has to be offered for sale to the other parters in case one of the parterners dies or is divorced. I am not sure about the loans and you should do a search for hunting club agreements to get some ideas of some things you should include. I absolutely wouldn't enter into that type of arraangement without taking the precautions that you have mentioned regardless of how good the friends are.