@Jay WilliamsI would strongly suggest revisiting the benefits of an LLC, mostly for asset protection, but also an LLC is a business entity and there will be write-offs.

Therefore, the lender must receive notice of the initial auction when the tax collector sells the certificate, as well as notice of the redemption period if the certificate is sold Typically, the lender will step in and outbid you for the certificate at the initial auction so it can protect its interests.

LewisThe older I get and the more experiences that have shaped my being the more I have grown to understand that value judgement is necessarily rooted in both tradition and some deep narrative and the individuation of those charged with providing benevolent constraints masquerading and protection from one’s ignorance.

But you generally don't want to use legal docs from other parties without having an attorney review for your protection.

Dont even worry about asset protection until you into a million networth. 

We will be splitting everything 50/50 but I will be managing the money once the property is purchased.We want to write up some sort of partnership agreement to protect us both.Any recommendations on what to include?

Even then it will be extremely difficult to do anything about back rents that accumulated during the tenant protections.

How do you protect your real estate investments if you didn't initially purchase your property under your business?

However, I've heard this same nightmare scenario from numerous investors in a local REIA.It's a really stupid law meant to protect sub-contractors from getting screwed but it just screws someone else, the investor who already paid enough to pay everyone, instead of the person that the sub-contractor should go after... the GC.And yeah, in California, it's a safe bet to bet that a permit is required for just about anything.

Next I would focus on getting a more powerful lease that will protect you, the standard NJ realtors lease is very weak.