I'm no expert, but I think the "operating agreement" style of document Matt describes is only necessary for a syndicated deal (tends to be larger apartment complex investments where you would share rents and other sources of income).

There are a lot of facts that determine what is the best style of business.

Depends on what style of box you have!

I'm broke I'm on ssi I really want get off and making serious money to support my family and have a better life style...

My dad is a real estate investor and has several apartment complexes and I love his life style.

Also, for it to be a comp, it needs to be a similar property (house style, similar square footage, etc). 

My style of investing is buy with minimum of 25 to 30% equity after rehab with a minimum cash flow of $ 400 per property.

Feel free to join us this month at Smoking in Style at 6:00.

Our management style is known as friendly, firm and fair.

My 1st move was from an apartment to a home owner was to an affordable house that needed a lot of work, I improved the cosmetic issues but also added value to the home (finished the basement, added a bedroom and a basement) so right off the bat I increased the value of the home and that built instant equity (kind of like a fix and flip, except I didn't flip it instantly I lived in it) Next was to pay off the mortgage, every penny went into the mortgage, you make sacrifices in your life style but at 25 like yourself that wasn't a problem.