Being a licensed agent and eventually broker, might give you some credibility in dealing with other agents.For purely investment purposes, a real estate license carries no value in my opinion.Decide which kind of investor you want to be (SFR, Commercial, Land, Tax Liens, HML, Multi-Family, Notes, Fix & Flip, Buy & Hold, “Subject To”, apartments, duplexes, assisted living, REOs, Foreclosures, Short Sales), etc..

If it is purely management, maybe don't create a partnership and simply pay them a management fee so that if problems occur later, the property is yours and you can find another manager.There is always the possibility that a partner may not uphold their end, which is why the only partnership I have pursued was with a passive investor and I handle just about all of the business.I will let someone else chime in as to the legal things you can do to keep yourself protected, but again I think telling us why you want to partner will help.

I haven't made my first step yet so my advise is purely from what I've read and listened to here on BP.

Now I've also had some amazing guest, from a skateboarding granny who did real estate law for 50 years, a professional computer hacker, and 2 awesome girls who just wanted to hangout drink wine and eat pizza.

Happy to join your merry band this weekend and I'll be happy to split the cost of food & drinks for our good mentors in this post , if this isn't happening will very much appreciate if you can post an update on what you've leaned where to invest.

I'm a little confused, is this a pure RE investment, house hacking, or is this just an owner occupy first home buy ever.  

@Katy Nguyen I don't know if I can add value if this is purely a process question.  

Keeping in mind you haven't paid anything yet, so it's a pure $85K profit.  

Anything I said would be pure unfounded speculation. 3.  

I recommend you look at your situation from a holistic perspective and not just purely from a financial perspective.