Real Estate Hedge Fund

So I was looking over the numbers for 10 cap multifamily homes. If someone put 20% down on a 300k house with a 10 cap, they would get a 24% cash on cash return. Would it be possible to create a RE Private Equity/Hedge Fund, since the returns seem pretty solid? There are solid tax benefits as well for real estate, so it seems like a good business to be in. 

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