., no one) can imagine what it will look like finished, even if you spell it out for them in detail.

Next lease you might want to to spell it out along with the number.

Then I use the Addendum to spell out that the new tenant is being added to the lease and takes full responsibility for rent, care of the property, etc.

I imagine buried somewhere in the documents/paperwork of the deal this information is spelled out.

@Nikki KofkinThe lease agreement with the landlord should have everything spelled out.

The spelling.

In my state, any income earned through real estate (sales or PM) is paid to the Broker and then split according to the agreement between Broker and Agent.Even if you are managing the properties without pay, you still expose the Broker to liability.Bottom line: if you are managing property while working under a Broker, I would be sure you have Broker permission and spell out any commission split.

Go with Option #1, put the same amount of $s as your friend in the LLC and most importantly have a written agreement spelling out who does what, how profits are calculated/distributed and what happens if one of you wants out.  

Have them spell out their concerns and have your attorney respond if needed.

Both are the same...just spelled differently:1 - NO!!