I would check your lease to see if there is any language that addresses this.

If someone is looking at Okaloosa Island (or any other area) with the goal of finding of investment options where they can make instantaneous cashflow or overnight appreciation .... well they are a dreamer or an idiot (sorry for the language, lol).

Maybe you should adopt a softer language and avoid appartement rental vocabulary,  but not give up on background check and deposit. 

Other concerns that immediatley stand out: no mention of who has authority, no voting rights etc, no reps or warranties & no language concerning winding up the partnership before the 10 year term ends to name a few.

The manager can and has unilaterally amended the OA, and it seems simple enough to add a sentence that says ownership will be determined by contributed capital, which is consistent with the substantial economic effect [and whatever language is required] of the partnership. 

Many other states have similar language.

After you familiarize yourself with these, you'll be able to decide whether or not you want to employ a CPA at first, but if you do you'll certainly know how to speak their language.  

A Spanish contact was huge because my parents preferred language is Spanish so we sat down this guy and he helped us buy our first investment property in Jonesboro.

I would be happy to assist and answer further questions if you have any.Typically your max loan-to-value for a cash-out refinance will be 75-80% LTV, but this specialized program will limit you to 70% LTV.I have had the "limited recourse" language vetted by attorneys representing our clients.

@Jack Little The note itself, shouldn't really need any specific language for the 1031 exchange.