Andy
have a slightly different experience with regard to having to live close together. I am in a club with some old university friends and we are spread all round the country. As long as it is managed properly this works fine. We have regular conference calls to discuss the investments (bi-monthly or on demand if required for a specific issue) and we have an annual agm weekend away
dave - may be worth your while having a look on the proshare website:
http://www.proshareclubs.co.uk/