If you decide to allow pets and then make sure your property is actually pet friendly as far as the types of flooring, furniture, amenities you offer and have a strict RA in place outlining what is expected I think going pet friendly could be to your benefit.

A real estate attorney can assist with drafting a partnership agreement that outlines the rights and responsibilities of each party and addresses any potential contingencies.

@Jay HinrichsHere is a quick outline.

It's crucial to have a well-drafted contract that clearly outlines the scope of work, timelines, payment terms, and any other pertinent details.

EVERY time an investor becomes part of our database, they can not enter without having signed our very specific disclosure that outlines the criteria of the transaction and what to expect(I don't see you in our database so your not familiar with this and should not be receiving our opportunities). 

First, clearly outline your short and long-term objectives, evaluate your financial preparedness, and explore different investment opportunities.

I think Rob outlines a pretty good plan of attack, and typically you will triage a property.  

While each of you is responsible for the debt your operating agreement could outline who is or is not responsible or how muchIf there was a default then the lender would still get paid but other members may have to pony up the cash and then sue the partner(s) who did not follow the operating agreement

Should I have them sign some kind of paper work or documents outlining the terms?

We wanted to look at some sample ags to get a better jist of what kind of items are important to us.interested for links to any state maintenance agreements/outlines, we want to see a wide range since no one has all the gotcha's covered.