Jon is spot on, there will be disagreements and you must have an efficient way to handle them quickly.Whatever you do, do not assign each of you titles like Executive, Judicial and Legislative duties.

To formally accept investment money from someone else you should use a private placement and file with the SEC.You can also formalize money with a JV or LLC if you want to take on an investment partner.

They both have 3 bedrooms but the bigger house has much larger living room and bedrooms plus a gameroom, powder bath and formal dining room the other doesn't.

The government and many large high-tech companies have programs like this that will enable you to develop your focus.There was a thread here recently I wish I could find for you, where many successful RE investors volunteered their education and formal degrees.

For instance, in my state, CA, a formal probate can be avoided if the total gross value of the estate is $150,000 or less.

Meaning, the loan is approved subject to the following criteria being proven true in formal underwriting.

You've heard of Judicial and Non-Judicial States I am sure.

Even if your education does not set you up to be a full time investor, odds are it will help you land a job that pays better than what you would get without formal education.

Whether its formalized or not (e.g., an LLC), you have a partnership.

Chris Wight sorry if this is a stupid question; but, you only did the formal written offer because it was through a realtor, right?