@Kirk WatkinsPartnership entities have so much flexibility that you can literally allocate income/losses in anyway shape or form.You just need to find the partner to agree to the terms that you want.You would then need to find an attorney to draft up the operating agreement/partnership agreement.

I've researched the web for a quality residential real estate attorney in the Milwaukee area and unfortunately my search has turned up little to nothing.

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Developers typically build for 9 caps break even and after long term capital gains, real estate commissions, attorney legal fees, etc. they tend to sell for a 5.5 to 6.5 cap for a 200 basis point spread.

Find an attorney to ensure it's done right.

I am an attorney and would not require the exam, education and certification requirements.It seems like it is pretty helpful as an investor from the podcasts and various information I've reviewed. 

I will confirm with my RE Agent and my attorney to make sure my contract and inspection clause is correct! 

There's a lot of education and work to be successful on the commercial side of the real estate brokerage business, but compared next to being a doctor or attorney or even a microbiologist, the amount of hours in a classroom (and dollars of tuition) are exponentially smaller!  

Although a good cpa could probably prepare those docunents, I think it is advisable to have an attorney who specializes in this area.  

We had an attorney draw up an overly complicated (we didn't know what we were getting into at the time) operating agreement for our LLC.