That makes your roommates borders, not tenants.

As you will see the address of the property in the update above, the address is right on the border of Kennesaw and Acworth, and I would say it feels more in Kennesaw, than in Acworth.

Consulting with an international tax expert would help you understand the best way to maximize your depreciation and ensure compliance across borders.

Talk to Real Estate CPA before doing it.I’d recommend putting this $100k in a in an LLC along with rental to formalize the partnership.

It will not be a formal contract or agreement but something where both parties understand the objective. 

A formal agreement would also be smart to avoid any confusion later on.Sounds like you’re in a good spot with the $80k to invest.

Howerver, I have resrvations about how this will impact the community's living standards as the development will immediately border some neighborhoods and could bring unwanted environmental impacts and noise. 

You could also reach out to a local, reputable, property management firm to see if they offer a la carte services for lease preparation, application processing, move in inspection, etc, if you are planning to self-manage but need some help with the more formal items.

If so, is this something I can get a template of online or do I need to seek one of these documents from an attorney to then present back to attorney signed by both parties to then draft a formal contract?

For some reason, I thought the former US steel site was near the Illinois / Indiana border, not downtown Chicago, but I must have been mistaken.Is the project going to be on the Chicago Riverwalk, as your picture indicates?