Make sure it spells out who is responsible for what and how things are to be handled. 

Whatever you decide, spell everything out in a partnership agreement and be ready for a bumpy road because friends or not, when money is involved things can get stressful.

A realtor called my mother-in-law and pretty much had it all spelled out already.

There is too much to agree on so need to have a contract that spells everything out.

There is much flexibility but terms and profit split should be spelled out in operating agreement.

@Christian Nunez You send them letters of intent (LOI) spelling out your offer to purchase.

There are a few markets that are both, but most are neither.I buy flips in markets whose property profile matches my criteria for profit and entry cost.I buy holds in markets whose property profile matches my criteria for cash flow and entry cost.Notice the two items that are the same in both:1)  Entry cost2)  My money Making Friends (spelled differently in both markets...as in "Profit" and "Cash Flow")

Whenever involving family and money I want to make sure to spell out every possible detail!

Low lot rent with 26 vacant pads spells an extremely tough deal to fill up.  Sounds like it’s probably in a small market with not enough jobs to support the demand you’ll need to fill the park.

Although not spelled out, most think this means investing an amount in improvements equal to the tax basis of the building--not including land.