In-Laws business arrangement?

[Chris Vern]

My in-laws approached my wife about a business proposition in which they would finance majority of home purchases (down payments) and we would manage the properties. Now on the surface it seems like a pretty decent idea; however i have a few questions for them (which i've asked) but  I wanted to know from this groups perspectives the pros/cons that you all may have experienced in similar situations. As a whole we all get along well but i understand business and family sometimes do not mix.  I would want to established a company or at the very least a business partnership agreement that spells everything out clearly.  Please advise