@Bethany Travis, the short and straightforward answer is to pay a real estate attorney to draft a purchase and sale agreement with an exhibit to assign the contract.

Are online lease agreements enough to protect me and my assets? 

You get a referral agreement signed for 25% and when they close for the client, you will get your check.

If you guys come to terms then a formal agreement would be done.

The responsibilities of the PM are defined in the agreement with the Board.

Depending on which state you are in, talk to an attorney and draw up a very strong agreement.

No LLC Needed: This keeps things simpler and avoids the state income tax associated with forming an LLC in Tennessee.Steps to Set Up Tenancy in Common:Purchase the Property: When you buy the property, instruct the closing agent or attorney to list both of you on the deed as tenants in common.Draft an Agreement: While it’s not legally required, it’s smart to have a written agreement detailing each partner’s responsibilities, the split of profits, and how decisions will be made.

State: CA Property: DuplexLease Agreement: 12-months

We are in agreement; I don't think you can count the Tenant Security Deposit of $8,450 towards Owners Equity.  

Particulars:1) 1st SFH rental property cash flows $400 and we have a 2 year lease agreement that ends in 2025. 2) 2nd SFH I currently live in, I would rent out and probably experience a negative cash flow of --$100 cash flow for first year, break even 2nd year, and build little cash flow moving forward.