Investing in Duplex with 2 friends

[Martin Casey]

Hello, 

I am a newbie here looking for some advice. My best friend, his mom and I are going 1/3 each into a rental property (our 200k offer for a duplex in MA was accepted this week). His mom is getting a conventional loan in her name because she is the only one of us without an existing conventional mortgage. So my question is, what is the best way to come up with a written agreement between the three of us, considering the loan is going to be all in her name?

Thanks in advance for the help! 

[Jon A.]

You should really find a real estate attorney to answer this question. If all 3 of you were experienced investors and had developed a relationship with on another it might be a different story but even then I would want an attorney involved. Things can change quickly when money gets involved.