Type1: Keypad access w/ physical key backup Type2: No keypad access(Bluetooth only) w/ physical key backup Type3: Keypad and/or Bluetooth without physical key backup.I would only use type 1 in my rentals as I don't want the tenant to be dependent on the phone having a charge to open the door.

I'm brand new to real estate and reading up on the general transactions of property purchasing & selling, but it seems that there are non-physical pitfalls such as liens, titles, and possibly others. 

For example in the city I live there are no rental licenses, electrical permits are through the state, and the city requires permits for plumbing and structural building changes. 

So I am looking for suggestions on a fair way to structure such a partnership, or is the only way to do it, to have him get 50% of the profits, while me and the other guy get 25% each? 

My first questions to get answered are always:-  Do they have an existing mortgage or do they own the home free and clear (if a mortgage is present, do they need to pay it off for the deal to work)- Do they need the cash or do they want a prolonged income streamAnswers to those questions can help understand some of the key seller motivations.A typical seller financing structure would have a down-payment that would range from $10-$20K up to 10%-20%.Interest rates typically range 1-4pts over residential real estate mortgage interest ratesIf the seller wants long term cash-flow, the term can be 10yr-30yr.   

I own 3 facilities on opposite ends of the country and use a 3 pronged remote management structure that seems to work really well. 

SFH debate given the condos appear more like houses vs. boxes in a high rise.Anything specific to look out for with the ownership structure?  

I think your results speak volume for the work you are doing.Can I ask you how you structure your deals?

As well, have you ever heard of situations where the GP takes a 50% cut on the appreciation of the asset upon sale, instead of just sticking to the normal waterfall/promote structure?

That said, many realtors don't understand seller financing very well and may be skittish so they may warn their seller off.If the Seller still has a mortgage balance, seller financing is a tough sell as structuring a seller financing deal with a wrap around is complicated!