CPAs are a bit like doctors and lawyers.  

Do I need to have a formal lawyer approved document to spell out the co-ownership agreement?  

Great insight.Our lawyer had recommended going forward but said similar things regarding cost-benefit.

If so auction.com is nationwide and each county/state will have certain lawyers with website.  

The initial closing was not established since a lien had been noted by the lawyer for seller  (unknown by anyone from 30 years ago).

@Rich Thomas, if you know the person well (i.e. family member) then typical rates are 8-10%If it is an acquaintance (friend, dentist, Dr, lawyer, etc) then 10-14% 

You can have direct incorp set it up for you or a lawyer I use them and it was a success, then you have to file a publication with a agency which you can find on line... any further details just ask hope that helps.

So before we draft the agreements and head down to a lawyer, I'd like to run it by experienced folks in this forum.My take is that partner provides the sweat equity, and I provide the real estate; ie, free use of the house as a facility, but ownership and major maintenance remains mine. 

I am not a lawyer but I think I remember my RE class instructor saying it was not okay to pay a fee to someone who does not have an active real estate license.

Before I run my final numbers I'd like to know how much I should be estimating for purchase and closing costs (lawyer fees, commissions fees, deed and title fees, etc).