So if you want a real answer, you probably need to talk to a lawyer or other specialist that has experience with these issues in the area that you are investing in.  

Just know the laws of New Jersey and have a lawyer, escrow company and title company for the area you are investing in.

Every state has its own contract laws, and only a lawyer who is familiar with the specificities of that state should be writing contracts in that state.

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.