But you generally don't want to use legal docs from other parties without having an attorney review for your protection.

Dont even worry about asset protection until you into a million networth. 

We will be splitting everything 50/50 but I will be managing the money once the property is purchased.We want to write up some sort of partnership agreement to protect us both.Any recommendations on what to include?

Even then it will be extremely difficult to do anything about back rents that accumulated during the tenant protections.

How do you protect your real estate investments if you didn't initially purchase your property under your business?

However, I've heard this same nightmare scenario from numerous investors in a local REIA.It's a really stupid law meant to protect sub-contractors from getting screwed but it just screws someone else, the investor who already paid enough to pay everyone, instead of the person that the sub-contractor should go after... the GC.And yeah, in California, it's a safe bet to bet that a permit is required for just about anything.

Next I would focus on getting a more powerful lease that will protect you, the standard NJ realtors lease is very weak.

When we had our granite countertop installed the installers put sticky plastic down to “protect” the floors, and when it was removed it ripped the clear coat clean off in the areas my daughter had been playing with the air pockets.

The number above on the rehab might be reasonable but maybe not so if you are close on numbers then don't forget you are protected in your "option period" with a standard Texas REC contract.  

Dissolve the LLC since LLC's do not provide you with protection.