The first step is learning to spell business correctly.

I sometimes make exceptions and hold a property for 2-3 weeks but that's usually only for really, really good prospects in a really, really slow market.You also need to spell out specifically what happens if they cancel or fail to complete the transaction.

And you're right, managing for others without being licensed spells all kinds of trouble.People fear what they don't understand, like being an LLC member.

I would highly recommend signing a Joint Venture agreement that spells out exactly what each of you are responsible for and how the profits/losses are split. 

So to get everything spelled out for myself, I had the tenant and landlord fill out an estoppel agreement.

You should have a PM agreement with them that spells out when you should expect payments and reporting.

If the one tenant leaves and the other tenant would like to take over the full payment, then you can sign a release form with them spelling out the terms of the one leaving, releasing them from all lease obligations. 

LLC allows un even distributions.. so he gets a fee for each sale in the operating agreement it spells out his job and compensation..

As a local real estate lawyer, I'm a fan of Kevin J (not gonna try to spell his last name) out of Fort Myers.

Biggest thing to me to have in a contract is a severability (however it’s spelled) which states that if anything in this contract is deemed illegal, the remaining clauses of said contract still apply.This doesn’t warrant putting whatever you want in there, I’d at least try to have a standing contract, but with this clause, it really saves you on litigation if there’s some iffy parts of your contract.