This document will entail information such as how income/losses will be split, who will manage the partnership etc.The partnership will be required to file a federal form 1065 and possibly an Ohio 1140.The partnership will be required to distribute a K-1 to each partner which details each partner's share of income/losses. 

The risks are what I need to know more about as well.Below is what is stated, regarding distributions, in the Joint Venture agreement that she sent:10.

Any amounts would be taxable distributions and likely subject to penalty.You can use your IRA for investing but the funds have to remain retirement funds and the normal strategies of growing the investments are limited a bit as explained above.You haven't asked this yet but I feel you may - you can't borrow from your IRA and generally, you can't invest with your IRA for the purchase of an investment property.

@Sandra PIrtleSince the value is not needed to report an in-kind distribution or Roth IRA conversion, the value can generally be based on comps in the area.

@William WalshYes if it is processed as is an in-kind distribution. 

Such proceeds are to be distributed among the other junior lienholders only and in order of priority.

I am certain that you will be tempted to violate the rules in the future by providing some goods or services personally to the IRA or deriving personal benefit from the IRA because of the fact that you and your IRA own two adjoining lots.

Add me to the MeetUp or distribution list.

If you want some samples, I have some distribution and fee samples I have been providing people.

In my state the only way it can be disbursed is with a signed agreement agreeing to the release and distribution by all parties involved in the transaction, or by court order.