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If agreed, what should be stated in the and should I go through an attorney to outline the contract? 

https://www.biggerpockets.com/topics/989632

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It hits across the board, and generally there is a meeting once a month with a broad spectrum of topics. 

@Yashira Quinones I would follow the process outlined in your state laws for giving them notice to get them out.

Once the preliminary underwriting is complete, the lender will provide you with a Term Sheet – also known as a Letter-of-Intent (LOI), outlining the full expectations for the loan.

I think much of the frustration on this topic for many consumers comes in a lack of education.  

This is pretty common, you'll need to clearly outline the rules and expectations of the agreement in your operating agreement/partnership agreement.

Any topic areas of interest?