Does This seem like a Fair Partnership Very Very Rough Draft WHEREAS, Party 1 and Party 2 (collectively referred to as "Partners") desire to enter into a partnership for the purpose of jointly owning and managing real estate properties;NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Partners agree as follows:1.

@Michael Ablan, it sounds like you are renting per room and not the whole place so the deposit part is moot.

Having been a party to over 300 wholesale transactions, I can tell you with certainty that it is not illegal.

The license part is also correct.

Now if you have a health care company paying the credit part is no longer an issue and they do background checks on all employees.

@Brendan M BrownThe hardest part is pushing the snowball up the hill.For most people this takes years probably a decade of hard work, slogging it through, before the thing starts to really take off.BP podcast makes it sound simple, and allot of people here make it sound simple as well.

We use a third party servicer.

A real estate broker or attorney could help you here or on the previous option.A legal document protects both parties, and most on here would recommend you use them, but sometimes between family members people don't use them.

Some I go direct to, and some I work through third parties/other wholesalers...that experience hasn't always been the best, but let's talk if you'd like.

So they rely on people like us who do the 1031 exchanges.The intermediary for your 1031 exchange has to be an unrelated party to you anyway.