You don't want to start playing sides here and getting involved in these kinds of debates.

In the case of GEG, we let our members know we did not have a track record with them - they were new to us and just being tested - and therefore it was even more important to perform thorough due diligence since we can't be involved in the transaction. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Looking to see if anyone has a basic template of an operating agreement for a business partnership of two parties involved in the fix and flipping business?

Since your parents seem open to your involvement, I would start start small. 

We are experienced and have never involved anyone in our projects and have never used a loan outside of a conventional mortgage.

However, my work involves a lot of late nights and it’s starting to take a toll on me, especially with two young children.  

In this era of increased rates, obtaining properties that will produce a good return are harder to find and often involve quite a bit of work.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Add in community involvement any way you can.