Or should there be an agreement about specific conditions under which one can force liquidation?

Find a good lease and cobble it to your specific property -- decide if you want m2m or year leasesFind a good rental application

There are a lot of details the public is not aware of and that's why I set up a specific forum to discuss the rules.

Feel free to message me if you have any other specific area questions. 

Meaning make sure they are targeted and specific to what you're looking to buy (or if you're a wholesaler, what your buyers are looking for).  

@Chris Grenier, I'm curious what are some of the specific issues or reasons with condo hotels in the Orlando area that you are recommending against.

Can a majority owner dictate any rules about specific things you can do with your unit?

A very few, usually FHA, do actually approve a specific price before placing on the market.

After looking at a few potential houses, we realized that the Bradford area of Haverhill seemed much nicer and had a better atmosphere that we would want to live in, so we honed in on that area of the city specifically. 

I'm especially interested to hear from anyone with experience in New Jersey, in case any state-specific rules apply.