50/50 split - we each fund the business with an equal amount of cashI handle marketing, evaluating and finding deals, offers, financing, bookkeeping, taxes, legal and adminHe handles everything hands-on: initial rehab and (if it's a BRRRR) finding tenants, maintenance, collecting rent, evicting tenants if needed, etc.We are starting to talk about fee structure for the major items of the deal.5-10% (of rehab cost) project management fee for rehab - would go to him3-5% (of purchase price) acquisition & setup fee for each new acquisition - would go to me8% of rent collected would go to him for hands on aspect of PM2% of rent collected would go to me for managing bookkeeping, taxes, legal, and adminAfter paying fees we would split the remainder cash flow and equity 50/50We can each take owner distributions at our discretion but need to maintain a minimum cash reserves (say, $10k per property)Exit strategy: we have talked about outlining a few options for exiting the partnership. 

A letter of intent is a preliminary agreement that roughly outlines the fundamental terms and elements for the final agreement, but it’s not a legally-binding contract to purchase the property.

A promissory note is an additional, non-recorded document that outlines the details of the agreement between the borrower and lender.

Hi All,I've been reading this site for some time now and have listened to almost all of the podcasts.  I'm very interested in getting into real estate and I've boiled everything down into a very basic set of steps to ...

You have to prove that you did not select the applicant you did because they did not belong to the protected class.The processes people outlined above are designed to provide that proof.

Before pursuing this I would also have partnership contracts made that will outline the exit strategy if one member decides to move on or any other situations that may cause change to the original agreement. 

Here's what I have in mine:- Cover Letter- Review of Services I provide- Outline of the offer process (I offer three types of offers and explain each type here)- Testimonials- List of education/classes taken- Copies of a few of my certificates of completion- contact sheet with every way they can reach meHope this helps.Cas

It's a pretty good synopsis of what the company is all about, and even if you don't choose to work with them its an excellent outline of how to be a successful agent.Best of Luck

You can provide other, more appropriate comps in the area, outline the condition of the home, etc.

If you are a wholesaler, you may want to have your attorney redraft the contract so that it does a better job outlining what "closing costs" are.