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Common person becoming Angel funders or Venture Capitalists

Is it possible for a common person to become Angel investors or venture capitalists?

Lets say I’m not a great business man or neither I’m from IIT/IIMs or large Ivy groups. However, I like to fund business ideas when they are very small or at early stage.

What kind of opportunities exist for me (if it exists)?

How much of money or funds will be required ?

Can I provide debt funding instead of investing capital for long term?

What are the legal processes to be completed for becoming a formal angel investor? I am thinking of doing this in a formal way rather than trying to fund relatives or friends.

Any comments or advise or suggestions.

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