You can learn most of what you need by reading a few books and digging into the forums for specific questions. 

Nobody can comment on what's equitable without knowing each partner's strengths & weaknesses and the specifics of the property being purchased but here's what I picked up on immediately: Why not form an LLC and have a partnership agreement? 

What specifically did you do differently on this property transaction, than an owner-occupied property transaction?

Penalties:Misdemeanor of the first degree: This can result in a maximum imprisonment of one year and a fine of up to $1,000.Civil penalties: You may also face additional civil penalties depending on the specific circumstances.Permitting issues: Local permitting authorities might withhold final approval, revoke the permit, or pursue other actions against you, maybe not give you the CO. 

ThanksSuper market dependent and property specific.

It goes from Roofing, HVAC, Electrical to just establishing rehab cost for ARV accuracy on a timely matter.If you have any specific question just contact me with a direct message.I will be glad to help.Thanks in advance

--HELOC is against PRIMARY---Rate is 6.95 first 12 months then prime +2 for a total of 10y, interest only, then amortized--Total HELOC would be purchase price + Renovations (approx 120-130 total but who knows)Projected cash flow is estimated without knowing specific extra costs.  

So those saying prices are increasing, it must be their specific market for these types of assets as nationally this is not the case.2.

Any specific clauses that should be included in the case someone bails and the other 2 have to be responsible?

Specifically in Indianapolis.How does one find a mentor?