Write up a 1 page contract stating the co-signer guarantees payment in case of default, spell out default and have it notarized.3.

Both parties should want a promissory note that clearly spells out the terms and conditions, and the lender will want a first lien.

Disclosures:-Just as an FYI: You will see in the contract “a unilateral right to assign without requiring the consent of the homeowner,” this is not common language in a transaction, but they will throw something in the contract to that affect -The contract should spell out in detail where all the obligations are.

Whatver you agree on, just make sure you have a partnership or joint venture agreement clearly spelling out who does what and what the split is. 

So definitely consider "prenap" in a form of a detailed legal agreement spelling out each person's tasks and responsibilities, investment, financial outcomes, as well as spelling out "what if's" such as "what if one partner becomes ill, incapacitated or dies"...

Make sure you spell out to your tax advisor what the loan proceeds were used for once tax time comes around.

(apparently 20% is the threshold) We do have a partnership agreement where everyone's role is clearly spelled out.

If they were smart/proactive they should have had you sign some kind of agreement that spells everything out.  

It is up to the shareholders to determine if they want to take "partnership draws" AKA distributing the profits OR keeping the money in the company to buy more properties, increase reserves, etc.Operating agreement spells all this out so important to review that before setting up the partnership

Find a new tenant and put them on a lease agreement that spells out Landlord/Tenant responsibilities clearly and protects you from odd questions like this.