This should not affect your application if you can frame your story well to an admissions team. As an example, you could say that you decided to round out your investing/finance experience by launching a RE fund. You are learning a great deal about a new type of investment, and are making new contacts and learning about fundraising. This is valuable experience that will better enable you to reach long term goals and this will make you a greater asset to whatever program he attends.
As long as you can show how this will make you an even more well rounded, interesting, proactive person, this won't hurt your chances of acceptance.
Hope this was of help.
Conrad and the Stacy Blackman
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MBA blogger, US News and Author, The MBA Application Roadmap