Thank @Greg Scott - do you typically state this on the rental agreement or is it used internally?   

Hi Aidan, when you first started you can create your partnership agreement per deal depending on what your end goal is for the property. 

This is my personal opinion, which probably won't be popular.If you are worried about the cost of hiring an attorney to create a proper operating agreement for your LLC, you probably don't need an LLC, and if you choose to use an online site to create an LLC, you probably get the protection you paid for.

The key is ensuring the property can generate enough income to cover the payments and any renovations you plan.As for pulling out equity later, this depends on the agreement terms.

It is NOT required by law to sign a buyer's agreement before you start touring homes.

Quote from @Jyotin Gautam: Yes, a referral agreement can stipulate that the referral fee be paid at closing to ensure transparency and expediency.

If you don't have a background in it, you're attorney can help...particularly with the Operating Agreement.

I always am amazed when someone selling a $600,000 house brings me a listing agreement where they agreed to pay a stranger $30,000 to list their house for sale and they didn't even read the agreement much less spend the $250 to have a lawyer tell them that yes, if they sell it to their cousin during the listing period they still have to pay the $30k.

I came across one of these loan agreements online somewhere a few months ago, can't recall where I found it but it was clear in reading the loan agreement there was no language referencing the loan actually encumbering real property, it was just an unsecured loan.  

I have bought 2 rental properties and seen other realtors, and I have never once been presented with an exclusive buyers agreement.