Each Realtor, agent or Brokerage may work for whatever compensation they desire and must outline it clearly in their agreements with their clients.  

This is merely a general outline indicating that while multi-family homes (MFH) may seem promising on paper, their practicality might not always match up to expectations.1.)

Thank you,StephanieHi Stephanie,I would highly suggest starting with a call to the Planning Department and let them outline what is feasible for the specific property and what steps you'd need to take to get it where you want to go.

Ensure there's a clear path to each site and consider whether amenities like parking spaces or designated camping pads would enhance the experience.Expectations for Hosts and Campers: Clearly outline your expectations for both hosts (you) and campers.

The three tests outlined above are applied annually, so you may qualify as a real estate professional in one year and not in other tax years.It is also very important to document material participation.To meet the requirements of real estate professional status, it’s essential to keep detailed records of activities and time spent working on the properties so you can verify your real estate professional status in the event the IRS decides to audit your return.For example, you may keep a contemporaneous appointment book, calendar, or narrative summary of the time spent performing real estate activities.

-negotiate if you can and always remember this may be the most important step-due diligence, make sure zoning regulations don't cause you any problems in the future-purchase agreement - this outlines the terms of the sale, make sure you have a lawyer review this-financing - if they are owner financing that is great, if not try to have this secured before signing a contract-closing - commercial property closing is much simpler and has less documents than a residential closingHope this helps.  

Is this something we draft ourselves including outlining roles and responsibilities, are there templates out there to use, or should we hire an attorney?

His entire post outlines things that I know to be true from my experience as a CPA.

You provide a basic outline of a plan most investors can use to create a 7 or 8 figure net worth.  

If I were you I would sit down with a notebook and outline 1, 3, 5, and 10 year real estate goals and get very specific about what type of property you want to pursue and how many deals you want each year etc etc.