What to put in partnership agreement for multifamily

[Mike Fernandez]

Hi all,

I’m looking for suggestions on what to put in a new partnership agreement. 
One big item is how my partner and I would dissolve the partnership of one of us would want out.

Let me give you a bit of background to bring better context…  

I’m a relatively new investor with a new construction flip completing in May.  And I just went under contract on a 2 unit multi family, for which I am partnering with my real estate agent.  He has 9 other rental properties. So I’m going to be the managing partner, running the day-to-day. We put a letter agreement in place that lays out a 50/50 split on everything, and I would be the managing partner. 

Looking forward, I want to be sure the agreement addresses any future disagreements or a desire to exit... 

- what happens if one wants out but doesn’t have the cash to buy out?

- resolving disagreements with only two partners?

- any other “gotchas” you’ve seen?

Thanks in advance for the help!