For my rent controlled tenants I must spell out the entire formula and cite the municipal code an then show the math.

Meant to be named after the Klamath tribe of Native Americans, apparently they spelled Klamath wrong originally, and then just said, "Whatever we're going to double down on the miss-spelling", and kept it that way. 

Your cousin is renting and he is not entitled to anything not spelled out in the rental agreement.

All of this is spelled out in my lease so I would refer to that.

wisconsin has pretty specific clauses you can and cannot have. there is a wisconsin lawyer with a faboulous website explaining what you can and cant do, from what i remember from the website, per some newer wisconsin law your entire lease can be thrown out if it contains one of 9 illegal clauses spelled out in wisonsin law. i am on my moble and don't have the website handy, try googling wisconsin landlord tenant lawyer. each state and even counties have different rules. that being said, 4 pages is to short. i am constantly evolving my lease addendum as situations arise, and i talk through it all at lease signing since tenants typicaaly dont read what they sign.

I would advise setting up an LLC that you and the other guy own 50/50 and set up an operating agreement that spells everything out, including what happens if the property sells for a loss (does the other guy have to cough up money, or are you eating the loss).

Follow others, please follow the advice you get on forums from anyone that owns a computer and can spell "real estate" :) 

Depending on your taxes and insurance for the property: $600 may be a great offer, just be sure you spell out what you are covering with that payment so there are no misunderstandings.

The statues will spell out the auction/sale procedures, redemption periods for the owners, how interest is calculated, fees, what other liens stay with a property, how tax lien foreclosures work and the steps you need to take, etc.Do you know the area you are investing in?

You will just need to get some kind of contract in writing with them spelling out the specifics of the deal (cash or hard money, when it will close, etc. etc.)