So, if i have two properties I am doing with an fellow investor, we have two separate JV Agreements identified by property address, tax id and legal description.

I openly say that in the description.

Is there some “common area” description in the deeds/legal descriptions?  

Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.legal descriptionA property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.lenderA term which can refer to the institution making the loan or to the individual representing the firm.

@Sean Jany A couple things jump out to me looking at it: 1) your closing costs seem low, 2) the monthly projected income seems off compared to the property description, are you running your numbers based on it being fully rented out (even though you'll live in one unit)?

Increase the character count for the PROPERTY SALES DESCRIPTION field. 

My biggest concern in your description is adequately accounting for the capex on the house.

Maybe OP just lacks confidence in his docs or needs to review with their attorney to ensure they understand, perhaps an inexperienced escrow or OP doesn't want to be a jerk about it, he's looking for advice on BP about the nuances in this "grey area" and wants to be professional but without being taken advantage of by what sounds like from his description to be buyers acting like clowns. 

What is the description in the MLS? 

In your description of the deal, I didn't see what repairs you plan to make or your estimated budget and timeframe.