HF Incubator Details. Could some kind gentleman help fill in the blanks?

I want to start a hedge fund, interested in setting up as HF incubator. Have committed capital from friends and family. Can any fine gentleman elaborate on these points? Thanks in advance

1. How many friends and family could I involve? Are there restrictions on whom I can involve?
2. Can I implement a fee structure?
3. Is there a limit to total assets under management?
4. Is there a limit of time period it can be in incubator status?
5. What licenses do I need to have?
6. What condition requires the transition to full hedge fund?
7. Can the management of the LLC be outsourced?
8. What reporting and disclosure do I routinely prepare?