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.  

I like the security deposit to be outlined on the closing statement.In addition, see if they have a move in check list and some sort of rent roll of past payments

I use a master Joint Venture agreement that outlines the arrangement.

Obviously this is a very general outline because I'm always scouring for properties.

So if you have a property in mind, find out what the rents are for 1,2,3 bedrooms and follow the steps Nicholas has outlined above. 

Not sure how many rehabs you've done, but you might be fine on the timeline you outlined due to the rehab taking more time than you are budgeting.  

Outline of the deal:SF: 93,461PP: $4,050,000 ($43.33psf)Capex: $508,000Title & Survey: $16,000Broker's Commission: $101,250 (2.5%)Total Acquisition Cost $4,687,654 Equity $1,875,016Loan Amount $2,812,593Loan Costs 1.00%LTC 60%Interest OnlyInterest Rate 3.50%Going-in Cap: 7.73% at 66% occupancyGeneral Vacancy: 8%Market Rent Growth: 3%Exit Cap: 8.5%3 Year HoldResidual: $54.64psfUnlevered IRR: 9.1%Levered IRR: 15.5%Equity Multiple: 1.47

An article recently outlined that the Chinese investors in US real estate are now trying to sell their properties.