This document will entail information such as how income/losses will be split, who will manage the partnership etc.The partnership will be required to file a federal form 1065 and possibly an Ohio 1140.The partnership will be required to distribute a K-1 to each partner which details each partner's share of income/losses. 

I suggest you learn to do a more detailed financial analysis and set criteria for minimum returns before you make a bad investment and learn the hard way.

Tough to right all the details out but let me know if you have any questions, much appreciated 

Doctor didn't help things by not gathering more details before telling them to get out of the property.The reality is that mold is very often caused by tenants.

We provide a complete JV package, references and for any deal they are considering what I refer to as the "Investment Analysis Summary" document which details the specific note deal, timelines, costs and probable exist strategies.

I would assume they could but I would double check that detail.

Unless of course you have some amazing partnership written agreement that had took all little details in consideration and you know for sure that you getting $24,000 returned to you no matter what happens.Her RE license is not at risk because it's a business transaction with you in partnership and business goes bad sometimes. 

I am new to all of this, and I have really good tenants, which may be causing a false sense of security.

Check with lenders directly for details on the programs they offer.

I won't bore or gross you out with details but if you run a tight ship then you should be making good money.