The following are important but not necessarily exhaustive points to cover:Identify your respective contributions in cash and services that will be performed with respect to the property, Identify your respective responsibility for handling debt (who will be on the note and deed) as well as costs that you may encounter, The length of any holding period you settle on, and what happens if the holding period is lengtheneda method for resolving disputes and a method for distributing profits during the holding period and at the time of sale, whether any party with have a right of first refusal to buy the other out and how value will be determined in such a case.  

I’m avoiding adding new listings at this time unless they are non-financed properties that can withstand this sudden drop in pricing power.

Perhaps other commentators here would disagree with me, but what you are proposing would withstand an IRS exam.Be aware that if you should file a Partnership tax return,  a Form 1065, you will lose the ability to ever do a §1031 exchange.

There's a list of prohibited topics in forum discussions - it's not exhaustive, by the way - but by and large as soon as a topic starts combining race, religion, gender, or politics in an accusatory fashion it's almost guaranteed to end up shut down.

I purchased with conventional first due to better interest rates and down payments which allowed me to purchase more properties, until I exhausted what I can qualify for with regular banks.

The poured concrete building should be able to withstand a CAT 5 if it has impact windows and doors and proper hurricane roof straps. 

For example, a tenant lease after they move out, insurance policies, purchase/sale paperwork, etc (not an exhaustive list in the slightest).I have suddenly become a landlord.

The reason for not allowing PVC for distribution pipe is that it is not rated to withstand the thermal expansion stress caused by hot water.

Exhaust all your options in the local area before you go OOS and if you do decide to go OOS route, you should be able to scale to 3 to five units in next couple of years..

While this was rewarding work and I loved seeing things progressively come together, it was exhausting to say the least.