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.

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.