First Time JV: Seeking Tips for Operating Agreement and Systems

[Tim Nethers]

I've formed a few LLCs, but it's my first time creating a JV and Real Estate Operating Agreement between two parties. We're jointly buying a duplex. We have management, a solid agent, inspector, etc. But we're seeking wisdom on a solid JV operating agreement. The theory was a 5-year buy and hold, afterwhich if either party wants to sell we sell, otherwise we renew for 5 more years.

All costs and profits will be split 50/50. Are there any solid templates we can work off of or starting points?