The OA spells out all the rights and responsibilities of each partner and how cash flow, profits, and taxes are distributed. 

During your lease agreement signing with tenants, be sure to have a dedicated section in the lease agreement that spell out clearly how the rent to be collected and emphasis on Late Fee, rent is due on the 1st of the month, 10% late fee apply on the 2nd ( no grace period), 5th day send out pay or quit notice, 9th day file eviction, you get the idea and you can revise it accordingly..

You guys have any examples of how you spell it out? 

You can spell out equity share and who gets paid what and when.

Spell out how any maintenance request should be requested as well as how long you have to respond

Jscott's flipping book spells everything out pretty well.

Take this with a grain of salt since I live in a state where pipes don't freeze, but seems to me if it was that important that the heat needed to be kept above a certain temperature in order for the pipes not to freeze/burst, then that's definitely something that should have been spelled out in the lease. 

in Ohio, you just file for a writ of possession with the court, which I think is also called a habre facas (I know I am spelling that wrong) I dont know SC laws but try googling for those terms, I suspect they have something similar.

It's easiest and best to have a signed lease which will spell everything out.

the Note spells out the terms.. deed of trust recorded secures your interest.if you need a personal guarantee  from borrower thats done in a separate document.. you can ask to review a sample note and trust deed and P G  .. other than that there is just borrower info.. credit score net worth that type of thing.. you may also want to background your borrower make sure they are good citizensOH also you want to see title report if its a fresh funding.. or a copy of the title insurance if you buying existing and make sure the insurance is still in effect for any assignee  as you would be buying the loan via an assignment