The serious deal seekers and commercial players are nomally the ones that actually make a full time living/profession in this field.

Can you think of any important information that I need to make sure is in the agreement for my protection as well as the sellers?

I am wanting to find out if this sounds like a good deal and if so, how do I protect myself on paper and ensure that I am legally entitled to my share of profits?

In the past I used Landlord Protection Agency  www.thelpa.com.  

I'm a fairly new player in the RE scene, but can tell you a few things out of my personal experience.

This gives you the maximum amount of protection and allows for both partners to easily exit this deal.

Additionally, the fact that his company filed for bankruptcy protection in 2012 definitely made me glad that I didn't really take the book to heart. 

The purpose of title insurance is to protect you against problems from the past.2.

Get familiar with the way the market ebbs and flows, know the local players and make sure you become a household name for your niche if you decide to do this full time.It is my personal opinion that you should be able to figure out if a deal is worth calling the seller's agent after 45 seconds of spreadsheet work, not 13 pages.

I figured my heart was in the right place, but as a more novice investor, you always want validation from a more experienced player in the game.