Account Closed if it's a partnership agreement that is legally binding, then yes I would have it notarized. 

In my mind I see this more as a partnership/operating agreement to partner with the POA and he does nothing, I rehab the house and list it and sell it while he just allows me to do the work, signs the paper work at closing collects his 70k at closing while I collect the 60k, and out of that I pay back my cost and pay the listing agent.

I was wondering if anyone had any really good book recommendations that would cover the ins and outs of structuring partnerships?

This is not aligned with the owners interests and frustration is bound to ensue on the owner.There is a big opportunity for aligning owner and PM interests in this business and can make for a great partnership but a transformation needs to happen first. 

I had a few questions regarding general partnerships in a deal.

(1) Your MMLLC is considered a partnership for federal income tax purposes unless you've made a corporate tax election. 

Not sure about the structure you are talking about but most of the articles I've read mention a limited partnership in the US since both Canada and the US treat those as pass through entities. 

I have arranged a partnership where the split was 50/50 and I did not bring money into the deal but the leg work was mine.  

In general, it looks like this:Single-Entity OwnershipA project meets the definition of single-entity ownership when a single entity (the same individual, investor group, partnership, or corporation) owns more than the following total number of units in the project: projects with 5 to 20 units - 2 unitsprojects with 21 or more units - 20%https://www.fanniemae.com/content/guide/selling/b4...

Question for the group as it relates to partnerships.