If you have mulitple members or a complicated structure, I'd spend the money to have an attorney draft a specific agreement.

I am planning on spending the next 5 months educating myself.

Why am I spending thousands every month on marketing and other operating costs for my deals when I could just pay $890/month and have deals fed to me!

I can’t see you prevailing on This property though.....if you want to spend the time money to “prove a point” or “change the system”, carry on.A similar dismay on my part.....I just went to bid opening where a state agency accepted a bid that was turned in late on a $12M project, caused by confusion on the bidders part.  

Just go in with realistic expectations, don't expect to be able to spend an extra $1,000 a month because now there is $1,600 of rent coming in.

I owe 230 on a 315 house and I’ve been spending extra cash to pay down the house (4% interest rate).

This is one of the premier properties in the area, and occupancy has been very close to 100% over the past four years.Not only did we obtain this turn-key ready property in a fantastic location at a significant discount, but there are plenty of value-add opportunities as well without spending any money!

I'd recommend that you get that right before spending anything near $3k on a list.Separately learn the source of the list, and what it takes to get the list yourself before you spend that kind of money.

You can spend a fortune on lawyers and trusts and llcs if you want but it still won’t guarantee it doesn’t happen.Is it likely the bank calls the note?

I enjoy spending time with my family, and taking day trips to local favorites like the boardwalk and beach.I'm in the beginning stages of starting my investing career.