Ultimately I'm trying to figure out a fair partnership.

It was owned jointly in our names, and the rental activities ran through a partnership LLC.

Nothing in this Note shall be construed as creating a joint venture, partnership, tenancy in common, or joint tenancy between Lender and Borrower.In the event that the holder wish to withdraw any portions (with prior notice) of the principal amount during the term of this note, Holder will waive any/all interests earned and only the initial principal amount will be returned to the Holder.

With that information in hand, I strongly recommend hiring a competent real estate/business attorney to set up a partnership agreement which clearly designates responsibilities between you and your partner.  

I recently joined CCIM in Austin so maybe we'll cross paths at one of the functions.  

Friends and family and small little partnerships maybe..

Clint, are you saying that any business entity : LLC, partnership, C- Corp, S Corp must register with WI Dept. of Financial Institutions to rent out real estate in WI?

My ears are always open to new ideas and new partnerships!

Alex Cordero , not sure what you are intending to do but the value of the LLC is meaningless unless you are the manager of the LLC of have special rights via the operating agreement.If you are lending on a property that is in a LLC, then ask for the deed or put a mortgage on it.If you are investing via a syndicate, then have an attorney review the partnership and PPM docs if this is your first time.

If I would you I would do first deal with partner ship with a known person.