You can create an addendum.

In a podcast I listened to recently, Brandon said that he gets a conventional mortgage and then titles the property in his LLC after closing (they discuss the possible implications of doing so in that podcast).I’m not aware of any local banks in Evansville that will do a 30 year amortization on a portfolio loan, so I’d be interested to hear if you find one.Since you’re new to the area, I encourage you to take a good look at the property taxes and how they’re taxed differently for rental property in Indiana.

I also considered creating an LLC with my partner but then my mortgage broker said that they do not refinance with LLC’s (we were planning on using the BRRRR concept).

That has come up in a few recent podcasts about the need to create good deals as they are increasingly hard to find.I tend to focus in the same areas as you and have had the same dilemma, lower the rate of return you are willing to accept, or wait it out. 

I created this document and want to email it out to contacts but would like to get any input to make the information more impactfull yet concise.I'm open to any suggestions.Thanks everyone!

This is where an attorney would be able to advise if you've created any sort of contract by accepting that money.  

This is taken straight from creating a profitable marketing message from business training I am going through."

3- Are there any tax consequences of which one should be aware?

I've recently formalized my business by creating a corporation. 

Both parties should review and sign and this creates the baseline conditions.