I'd rather leave the properties that need a lot of work to the house flippers (and even those seem to be selling at 177k), I'd prefer to not start out with a huge monthly expense while coaxing a house into positive cash flow with supplemental money, and putting half or more down will make getting started like trying to drive with the breaks on. 

A general Business Plan can be supplemental material that helps to communicate your overall strategy, marketing plan, neighborhoods of interest,  company makeup, etc. 

These purchases are often times part of a investors retirement plan, supplemental income, etc. 

Her husband had to pick up an additional job to supplement the income. 

Unless what they want is pretty much generic, and what sells well in your area, you need to get their custom specifications down in a written contract, and get non refundable money from them.

http://www.lowes.com/cd_Special+Offers_381632314_Jon, I was in Lowes the other day and the sign stopped me in my tracks, selected carpet and they supplement the layer's labor from the deal, that money comes from the higher priced goods, not really a deal in my area as I can get my own carpet layer.

The laws for wholesaling differ per state so not sure if a generic contract is the best but a good start.

If it’s a very simple generic partnership arrangement , Did he put 85% of the capital if you were allocating income distributing based on capital percentage ?

Here in the northeast I’m seeing state-wide orders restricting STRs, but major local chains like Marriott and Hilton offer little more than a generic, non-specific disclaimer to “please check with your local state guidelines” while still fully allowing online booking (which is actually precluded by the state regulations). 

Should I get in touch with a real estate lawyer or is this a common enough situation that a generic agreement will work?