Have you tried co-operating with brokers in the area and paying them half a months rent to find a tenant?

Dan,It sounds like your friend approached you and is already willing and able to invest with you, so I am not sure an "initial letter" is needed here.The most important part is your operating agreement if you choose to form an entity in which you both are 50% partners or a well written joint venture agreement if you use your own entities as partnerships.These contracts/documents should stipulate all teh duties of each party, death survival verbiage, insurance, and all details of the deal process.

I used to run the business personally but as I became more involved in real estate I brought in a partner who runs the entire operation now.

Assuming all operating costs and maintenance costs are same or similar which would be the better buy.

As to SEC attorneys, I doubt you'll find one who will say that your operation avoids SEC regulations and provide a guarantee of that, since they are pretty broad in what might constitute a security, that will be determined by the regulators not one attorney.You'll also find that a broker or investors who have problems in a deal will put any straw man in a bind quickly if they can not cure the problem quickly.

Banks that operate in a few counties... if you have cash to offer, they will listen.

You can specify the terms of the LLC in the operating agreement.

The reason for that statement is that you are in the same area where some of the best rehabbers in the country operate and I know you can pick up some of the tricks they are using to secure properties just from networking at that REIA.It is definitely not like 2004-2006, but there is still a lot going on and even though it is tougher here in Tennessee, there is still a lot of opportunity and a lot going on.Best of luck,Chris

There are plenty of auto mechanics who operate their garages under an LLC or corporation.

The other option may be to work from underneath the home (although very difficult).As to your contract with teh home stager, you have two options:1.