Can you think of any important information that I need to make sure is in the agreement for my protection as well as the sellers?

I am wanting to find out if this sounds like a good deal and if so, how do I protect myself on paper and ensure that I am legally entitled to my share of profits?

In the past I used Landlord Protection Agency  www.thelpa.com.  

We have developed significant expertise in the area of reverse exchanges over the years.

This gives you the maximum amount of protection and allows for both partners to easily exit this deal.

Additionally, the fact that his company filed for bankruptcy protection in 2012 definitely made me glad that I didn't really take the book to heart. 

The purpose of title insurance is to protect you against problems from the past.2.

I hope to learn from the collective expertise of the members on BP.  

A general partnership is a big no-no in TX; there is no liability protection AT ALL in a general partnership AND you are personally liable for all actions of all of your partners including your own actions.

Real estate agents, mortgage lenders, title companies and escrow companies are familiar with harried changes to the HUD-1 closing statement and to mortgage documents, which changes often lead to aggravating delays and additional costs.As of August 1, 2015 our closing table dramas are scheduled to come to an end.The Real Estate Settlement Procedures Act (RESPA), Federal legislation enacted in 1974 to protect consumers from unscrupulous and confusing real estate practices, is changing in several significant ways.