Most important point in any group endeavor is to create a written agreement. I don't think it necessarily has to be written by a lawyer, but it should be quite detailed with expectations, consequences and of course financial arrangements. It's also helpful to have complimentary skills in the group; ie special competencies, investing, shopping, relationships, IT, management etc.

I have a PR4 site that is not currently being used.  The site is FrugalBlogNetwork.com which I think would work well for a group blog.  I'm not looking to sell it but contact me and we could probably figure out some kind of deal.

I just sent you an email.

Here are a few things to consider:

1.) A buy-in price needs established.

2.) What happens is someone wants out of the deal at a later point?  Is there a set "sell" price or would it be up to the individual to sell their share?

3.) What happens if someone is unwilling or unable to contribute on a regular basis? 

4.) Will there be a "manager" who will be the front man for the project?

I also could commit to one post a week and am willing to make an investment in the site if it means equal profit sharing.  I was thinking of something like this yesterday actually.  Maybe we could even get together to buy a PR2 or better site and start monetizing quickly?

I would be interested in purchasing a site that we could all profit share and contribute to.