My FIL was diagnosed with early onset Alzheimer at age 55. 

If I want to use one loan at the onset and then refinance after 6 months or a year then that's two loans per property or 16 loans in two years. 

Please don't get me wrong, I completely applaud getting the knowledge, however without applying that knowledge, the lesson is never really ingrained, the muscle is never truly developed.

Looking for some advice on setting up the contracts and contingency agreement between the two of us.

Without that you would be wasting your money on setting up the fund.  

Any advice on setting something like that up? 

It is generally easier to purchase in your personal name, then transfer to a LLC or series LLC depending on set up. 

Well, I have seen this massive onset of imputed skill to lots of brokers and their shops.  

Check out your state regulations and expenses on seting up different types of entities and pick which ever suits you better.

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