., there is a big difference in SEC world between forming partnerships and joint ventures with people you already know and do business with, and bringing people in who don't know you, or bringing together people who don't know each other.For example, lets say you and I and Dion DePaoli already know each other in the course of our daily businesses.

He was able to purchase them because he had the money to do so, I didn't gather there was any type of partnership.

A multi-member LLC is treated as a partnership.

We're in the midst of our first rehab and looking for more, so hopefully the Summit will have been the start of a great new partnership!

In that case, I'd set up separate bank accounts for each property involving a partner (or probably set up an LLC before that and have that bank account for any partnership deals going forward).As far as bookkeeping software, that's another question I have and will likely explore that in a separate message thread but I'm using MS Money right now to track income/expenses and have considered moving to Quickbooks.

You can read up on ways to setup a partnership and methods of splitting the profits, etc.

I'm looking for ideas, suggestions on shaping the terms of the partnership and the divorce.

If the LLC is a partnership, then the LLC protects your partners from personal liability for your actions.This is why the LLC still needs liability insurance.

Partnership on the property and keep expenses divided properly?

A partnership or multi-member LLC in theory has more protection since if a charging order is awarded or foreclosure on a member's interest it won't wipe out an LLC where it will a SP or could easier.