The smart way to do this is to have each of the three of you as separate parties doing a Joint Venture Agreement.

I still do Joint Venture with people that want to learn the craft, but I won't partner or charge a fee.

BTW @Carlos Ptriawan, are we or are we not full-fledged knee-deep into neo-Stagflation now?! 

CA is a joint property state so you'd need to be careful about separating interests. 

In Joint Ventures, I always set it up 50/50 for cash flow and equity split with a 51/49 ownership split.

But the Indians also know now that for every Little Big Horn there's going to be a Wounded Knee.

It's better to have your own LLC and to do a Joint Venture with them that keeps your exposure to their past and their future, at a minimum.

If you are going for textured walls it goes faster since you don't have to hide as many joints but if you want a flat painted wall, expect the sheet rock and mud and tape to take a lot longer than you may think.While you have the walls open, inspect the water and drain pipes & replace the ones that need replacing.And, if you are upgrading wiring in the bathrooms to code, it's a good time to upgrade the shower fixture which has to be done behind the wall anyway.Since it is an investment property and 3,800 sq ft, if you can find a room to put in a second kitchen so you can rent out a room/couple of rooms with their own kitchen, this would be the time to consider it.Hire a couple of highschool kids to take off the lath and plaster, save yourself a lot of money and keep them off the street. 

Thanks so much to anyone who could weigh in or give pointers to connect the dots for me.Well, you could do a joint venture agreement.

Another one does joint ventures in small/medium multifamily, another one is going solo on small multifamily.