Also, is there some sort of special agreement that need to be set up with the property outlining how each owner should split exterior maintenance?

I'll outline some strategies here:1) Education - Books - read the best books on the subject but also these books (Deep Work; and Essentialism).  

Its a legal entity protection wise and you can outline the details in the operating agreement.

It outlined the responsibilities for each person, the return structure, etc. 

Make sure your agent can give you a full outline of benefits and gaps before you settle for cheap or pay to much.  

Thank you for outlining your journey here as well!

The funding package should include a executive summary outlining what, how much capital, and how will pay back the loan, copy of the signed contract, a copy of your tri-merge credit profile (they will pull one from their credit vendor regardless), a personal financial statement (may not ask but helps to have it), and bank statement showing the necessary equity liquidity.

We haven't outlined splits or rates yet, but we are on the same page with regard to real estate.

Hiring a layer to help structure the partnership agreement will help protect you for a lot of your initial concerns and will outline how to terminate the agreement or buy out partners if/when you feel its necessary.

See how it goes on this one.Either way, be sure your op agreement or JV agreement outlines the Ds - what to do in case of death, divorce, disinterest, default, drug use, etc.