You then draw up an operating agreement and a resolution agreement spelling out the terms of the partnership.

Type out a professional looking letter (use spell check🙃) where you:A.

Two members will be the managing members and also providing capital, and one member will strictly be providing capital.We would like to put a waterfall structure in place for any money distributions, including preferential return on cash yield, and an IRR hurdle for liquidity events, etc. and we would like all this to be clearly spelled out in the operating agreement. 

You can also read "Set For Life" by Scott Trench and get the same principles but I think Dave has it spelled out more clearly.Get rid of the cars.

Do you spell out in your lease what makes a pet fully trained? 

It's much easier to spell out how you'll address the things you think can/will never happen before the situations come up. 

I am thinking we as landlords can do the following but I am not even sure if that is enough to get landlords off the hook if a gas explosion does happen:- hire a licensed plumber to inspect for gas leak and gas pressure on an annual basis-install a gas leak detector or alarm in the rental unit-spell out in lease agreement that tenant is prohibited from removing the gas leak detector and tenant must notify landlord immediately if at any point the detector stops working-do semi annual walk through inspection of the rental unit to make sure the gas leak alarm stays installed and is working properly and that the gas stove is working properly.Is there anything else we as landlords can do to minimize our exposure to being sued in the event of a gas explosion in the rental unit ?????  

It came with an audio cd and the manual was written with 3rd grade spelling and grammar.

Expensesget taxes from county. look at current valuation and you should have a good guess at how much it will go up based on purchase price.Find out what expenses are paid by LLVerify which utilities are separately metered; get average winter/summer monthly costs from utility company for any 'house' accountsGet quote per door from your insurance agentGet a quote from your landscaper (find out what they pay)Get a dumpster quote if you don't have city trash binsFind out if there is a parking lot sewer feeFind out rental registration requirements and costs (can be both county and muni)Income:Get the rent roll, In the contract require that you get estoppels signed by tenants and current owner saying amount of current rent, security deposit held, past due balances, and spelling out any promises for additional work/upgrades (there shouldn't be any). 

The agreement will spell out what you need to do but I would for sure let them know if you do not hear back by X you plan on terminating.