So not as much risk as one might think.

Do I need to get a separate contract drawn up?

I'm thankful that my parents were able to live the American dream before my father passed away, and that my mother has a secure financial future during her remaining years.Its difficult to get ahead even if you can speak English and are educated but how much more so if you are a poor immigrant.

Talk to the tenant and let them know; however, from what I heard in BP, in the US the rent needs to be sent on or before the due date and isn't considered late until 5 days after that allowing time for it to get to you in the mail (even if it isn't mailed to you).

How much did u happen to make on ur investment 

I don't know what I don't know, and I want to learn as much as I can!!

That right there is the issue with 50/50 agreements. someone needs to be the manager and take the lead on these things and split the vote.

In my opinion, this is much more effective than texting, which often feels like a constant game of cat and mouse with phone carriers.

Or would most brokerages need their agents full time?

The % in itself doesn’t matter so much.