Disclaimer -- I'm paying debt off right now deferring an emergency fund and relying on a contract job that could go away tomorrow; however, my wife makes enough that we can afford our three properties if I'm not working.  

He also asked for a binder?

As far as the equity split, DO NOT JUST SPLIT THE EQUITY evenly JUST because there are three partners.

Just open up escrow on it and order a preliminary title report.. or title work or whatever they call it in your state..once you get the title report back it will have the true vested owner.. and if there is issue with the title IE to convey marketable title it will spell it out in the Preliminary title report.some call it a title binder  etc etc.. usually a few hundred bucks. 

I'd say I was on for about three weeks before adding a picture.

All three put in $5k for total of $15k.

I work mostly in the first ring of Dallas suburbs, so that's mostly late 50's to mid 70's. 

Give me a ring if you are interested in pursuing either of those options. 

If someone cleaned out all of their stuff and paid rent to me for three or four years on an empty apartment, I would be as happy as a clam, because its not causing any more wear and tear on the property. 

Those three gals were fumming mad as they left!