also what other forms and contracts i need to do deeal?

Make sure you know your friend not only as "fun" friend but also as a "business" friend....then make a good operating agreement (advise with lawyer) and you should be ok.You are both in the same situation and the investment is relatively low so it should not be much of an issue.If it was a bigger deal than much higher risk and much more "IFs"

@John De angelis Contact your lawyer.  

Off topic - the lawyer at my brokerage hates the word 'ratified' because she says there's no such thing as a ratified contract.

We had to see a lawyer about this and in the end learned that this was her tactic for bullying tenants into keeping their entire security deposits.

Hand the contract over to our lawyer?

With that said the SEC filings can be quite minimal if you use an exception, we put some documentation together using a lawyer and it was about 5K to set it all up.

Developers are also interested in the property, and her family and lawyers are in the process of splitting the (double) lot into two. 

I'd connect with a lawyer and ask about technicalities and such.In the mean time, you should absolutely connect with a different CPA as deadlines are coming up fast.

For those who are not lawyers, it may be an effort to ensure they are not engaged in the unlicensed practice of law.