My husband actually did this when he became a realtor and the process was very simple.  

I also practice as a Realtor because I enjoy it and it is extra income.So as an investor, your options are to get your RE license and have access to a lot of tools and do the research yourself (therefore you're paying with time, energy and a little money) or you work with a great realtor/investor in the specific market you're looking into.

Are you looking to just put the money to work or looking to be personally involved in getting, rehabbing, and dispo of deals?

I wonder if you could actually mix the two populations?

Thus more time, money and risk.  3. 

Just outline expectations and roles, and what each of you guys are going to do, and how properties will be acquired and how they will be disposed of, and how and when money will be taken out of the company and you should be good.

First - You should be investing to make money and a return.

In your situation there is actually another factor that may work in your favor.Only the proceeds allocated to the sale of the building can be used in a 1031exchange. 

Hi Caleb,Hard money to get started on flips. 

The tenants have their own W/D so I can’t make money off that.