This also protects the partnership better as your operating agreement will spell out roles and responsibilities for the members. 

The operating agreement will spell out the terms of how we operate the rental property, etc. 

This is the standard industry's way of making this calculation.If your lender is looking at it any different way than what I spelled out, then they are saying, we have overlays and this is the way we calculate it.

You could spell out the deal and when the payout will be for the seller.

If they are not, you might run into financing issues trying to document the source of the downpayment especially if you go conventional.Regardless of the partnership there should be a separate agreement between you and your family member spelling out terms of your borrowing their money

When you take money out of the investment, either monthly cashflow or equity after a sale, you split it according to this formula.Make sure your agreement spells this out clearly, along with clear responsibilities.

Usually weeks and weekend vacationers.There is also the fact to consider that after 29 days (or less in some states), the guest now becomes a tenant and acquires tenant rights...which in states like CA/NY/NJ/Etc, can spell big trouble for the new landlord (the recent Host)

When tenant rent is late, you shouldn't have to think about how to handle it because you have a system with every step spelled out.

He would continuously spell my name wrong in forms/contracts or have errors that I had to point out..there is much more but for sake of not being long winded, here is my pickle: unknowingly, I signed an exclusive agents contract for 1 year.. it was tucked in a Docusign on a contract to a property that never worked out.

It will spell out that cooperating with their 1031 will not jeopardize your deal with them.