I would also seriously consider meeting with an attorney and hammering out an operating agreement so it is crystal clear what the roles are.

I don't have a crystal ball, but if I can at least avoid overpaying for something then I expect we'll accrue equity in the properties, perhaps a little (probably quite small) income, whilst at the same time having a chance at some non-insignificant appreciation.Thanks for the question!

well, LA was awesome in 2002, 03, 04, 05 and yes 2006 as well..No one has a crystal ball but it doesn't mean you shouldn't invest in hot markets.

(Owner wanted to build this luxury palace for he and his wife but that's not going so well).  

@Crystal Smith: A construction lien would definitely be something to add to the contract.

Crystal, excellent advice.

We predicted that all buildings less than 5 stories on the northern end of downtown would all be demolished and gone in the next 5 years (doesn't take a crystal ball to see that).This particular building isn't downtown.  

Bottom line, if you expect something specific from your agent, be crystal clear about what that is you expect.

You can crystallize what needs to take place to make something work better, faster, more efficient.

@Crystal Smith thank you for the input.