Have a property inspection inside and outside performed and documented and start eviction immediately according to the steps outlined in the VA state statues.

Ask if there are any any additional fees for maintenance, advertising, evictions, etc... and make sure they are outlined in the agreement.

The legal consideration exchanged is their rent paid to you on the schedule outlined by the new lease and the home you just agreed to provide them.  

The plan is outlined below pretty simplistically but I am wondering what kind of growing pains I should expect for this plan:Year 1) Purchase a total of 8 units via SFHs and multi-units.Year 2) Purchase 16 Units via SFHs and multi-unitsYear 3) Purchase 24 units via SFHs and multi-unitsYear 4) Purchase 32 units via SFHs and multi-unitsYear 5) Purchase 40 units visa SFHs and multi-unitsI have around 25 - 30k of my own money to start this operation with roughly 85k of HELOC available to me. 

@Jana Cain this is the outline of Richmond proper.

This agreement will outline initial contributions; how each partner/owner may (or may not) increase their contribution (and ownership); the guidelines for dissolution, succession; whether a partner may sell his/her interest (and the process, etc).You and your partner-to-be should jot down a bullet list of what you have in mind, then sit down with an attorney to draw-up the actual agreement.When it comes to property management, I like to keep it separate from the ownership agreement.  

Sounds like a Joint Venture Agreement would be the best instrument to outline your investment partnership.

He went over all the info regarding getting a license, plus he provided me with a booklet that outlined ALL the required fees after you get your license.

You can have a LLC with you, your husband, and husband's brother all act as "managers" of the LLC, and you can structure your LLC Operating Agreement (which your attorney can help) to outline all of the terms and conditions, and list each individuals "share of ownership" of the LLC.

Just my $.02 based on the formula you outline