Memorandum of Understanding (MoU)

[Thomas May]

Hi BP community!

I am a new investor (hopeful) and am partnering with a good friend of mine and a third experienced investor. My initial end of the bargain is to draft a Memorandum of Understanding that will then translate (through an attorney) into an LLC operating agreement between us. The Memorandum of Understanding for any of you who don't know (but may still have suggestions!) is an agreement made by two or more parties that leads to a formal contract, spelling out in very simple detail the structure of the deal.

My question to you all is - in your experience what should I include in the memorandum of understanding? 

To be more clear - i am looking for both general concepts (i.e. Structure of Partnership, Term of Agreement) and details (Party X is responsible for visiting the property/ies once a month, Party Y manages the Property Manager, etc.) and anything between!

Thank you in advance!

Tom