Operating Agreement with Co-Owner: Considerations, Tips, etc.

[Mark Z.]

Hi everyone, 

I co-own a condo, that was at first a primary residence, with my now ex. We've maintained a good relationship and have decided to retain ownership and rent the unit out to earn passive income. That said, I am drafting an operating agreement which will tackle items such as future sale, major decisions, split of rental income/proceeds, funding of unforeseen costs, etc. Couple of questions for this forum:

1. Does anyone have experience drafting such an agreement and willing to share a simple draft?

2. We own the condo under our personal names and I wasn't planning on forming an LLC for the operating agreement - but, again, if anyone has experience here or other items I should be considering with regards to an LLC I'm all ears.

Any other tips are welcome - thanks all.