When I get a hit, I copy the mailing address,( I love out of town ones) and I check the deed - was it joint ownership, was there 'right of survivorship' etc - these notes help me to decide on which properties to chase,.  

I'd call around or ask around your local REIA for a recommendation... what our guy told us that it's cheaper to do a LLC if there will be multiple projects in the long run and less paperwork to do a contract/Joint Venture if you only plan only to do one deal...

Trying to figure out what is the 50% that the "brains" guy typically receives.b) Do we need to form an LLC + create a joint checking?

Those jambs were probably not tight at the joints or they had to manipulate them in the feild to make it square ect.

Joint Ventures: Exploring joint venture opportunities can be an excellent way to leverage other people's expertise and resources while learning and growing in the real estate industry.

I'd have to see if they'd be willing to defer the pay day and let us lease it for a good bit until we have the capital saved up for our price.I had definitely not thought of the joint venture - I know one of the cousins' said he'd be willing to sell to us at a big discount and would love to be able to still come to the house. 

@Ian Bethel yes, it’s called a joint venture. you two sign a JV contract specifying the deal, you bring your cash buyer, all contracts got to title company, then you two split the assignment fee that was agreed upon.

Whether business was conducted in the joint names of the parties;6.

It sounds like he is trying to jv with you which means a joint venture where the wholesale fee is typically split 50 50 between the two of you and he finds an end cash buyer to earn the fee.

Be sure you have them both named on the Rental Agreement, and that you have a "joint and several" clause.