Creating a Fair Real Estate Investment Partnership Agreement?

[Kate Kehoe]

My dad and I are planning to buying rental property together and we want to create a fair investment  agreement that we sign before we move forward with our plans. We don't have a specific property in mind yet. We do have some ideas for the kind of house we want to buy, the area we are looking at, and our budget.

We want to buy a house in a college neighborhood that is subdivided into three rental units. We plan on renting two out and I will live in one.

Both of us plan on splitting the down payment evenly. We are putting 20% down as a team on the property.

I plan on taking on all the work for managing the property. He plans on paying for any repair and maintenance costs of house.

I know the area that we are buying in fairly well. I've lived here for three years, and I'll be the one who is meeting with the real estate agent and finding the property.

Any feedback about what be a fair deal here? How would you begin to construct an agreement? Any reading material that we should look up as we construct an agreement?  Keep in mind we're family!