With these, we keep track of labor (using Toggl App, which can track it per ownership structure, property or task such as handyman, lease signing etc) and pay out that labor @ $25 per hour and THEN split all profits.

Have a separate checking account, track your mileage, keep receipts for all associated expenses, etc.

The cool thing about it is that the site will send automatic reminders about upcoming due dates, and will track late payments and fees, etc.

So far, I have included questions about whether they have worked with investors previously, will be able to help me make connections with other potential team members, and more specific questions about their success/track record in general. 

Long term agreements should be reserved for tenants who have proven to meet your rental criteria.

If you start with a simple, proven method (like The Millionaire Real Estate Investor presents) you'll learn along the way, tear down mental strongholds, and you'll be able to iterate and get more "advanced" and clever along the way.TLDR:  there's never a "right" time, only THE time. 

This way it tracks everything.

Yeah I’m on the same track.

@Andrew Scherz I think you're on the right track?

Sounds like I was on the right track because that was my though for next course of action.