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. 

You have to follow their instructions as they are outlined.

@James Carlson and @Brian Bohrer outlined fantastic information.

This is an outline of what I used for my first one. 

As Chris mentioned, it's important to read the contract which should outline all fees the management company can charge for their services.