You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

They wanted to meet in Belize with an attorney and pay cash and transfer title.  

If you go to one meeting you can find your contractor, agent, property manager, attorney, and anyone else that you may need. 

Quote from @Gavin Wright: Hello fellow Investors,Hope you and your families are all doing well this Holiday Season.Does anyone have a Go-To attorney for contract  review in the greater Savannah GA. area?

In most cases, neither is warranted.Warning: I am not an attorney, and this can be a complicated topic.

If a warranty deed has been filed or even a memorandum of sale or a lis pendens, it makes getting clear title virtually impossible without the co-operation of the one who filed or having assistance from an attorney and maybe a long, costly, lawsuit. 

I get that.. but if your a top producer this is just cost of doing bizz to the title company orr closing attorney if your a one off agent you may have to pony up the money but to me it was necessary..

If you're going to make a lot of changes, I recommend consulting an attorney to ensure you're updated on the laws.

You have engaged and paid securities attorney and are compliant with Reg D offering 

Ambulance chasing attorneys know their way around and can legally navigate around Insurance Policies.