They will require anybody with over a 20% interest to supply credit scores and net worth requirements and this blows a lot of deals up.If one of the partners has horrible credit and low net worth, make sure you make him either a silent partner or low percentage ownership on paper.If you getting lending, you will need one main llc, with operating agreement that spells all this out.

I have a spelling error in the title.

Excuse my grammar/spelling I wrote this during my 2 minute break at work.

If he's becoming an apathetic landlord, that spells more problems for the building and the tenants both, down the road. 

DIY-https://www.biggerpockets.com/blog/buy-rehab-turnk...The two options just kind of spelled out (you probably know all of this stuff though)-https://www.biggerpockets.com/blog/2012/12/22/out-...I've always gone the turnkey route.

You spelled both lieutenant and sergeant correctly, which no one who hasn't ever been in the military can do, so I'm taking that part literally...The officer in this needs to stop fraternizing and financially co-mingling with enlisted.

It will spell out that it is forfeited if they don't move forward by or on the end date. 

In this contract you guys have, did you spell out who takes the loss or how a loss would be split?

The rest is pretty simple......draw up an operating agreement that spells out the terms.

Also, when getting into a contract make sure you hire an attorney even if the state doesn't require one and have attorney spell out in the operating agreement all roles and responsibilities as well as various "what if" scenarios like "what if one partner dies or becomes incapacitated".