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.

i have a friend who needs to borrow $10k and will give me a percentage of profits($25,000) from sale of piece of property, which should be in 4 months. i will have property as collateral.we want to keep it as a loan, as opposed to buying into his partnership, so as to not bring about any taxable situations, but i am a little worried about usury laws.i would love any ideas on the best way to do this to protect us both.

He's up to 10 properties and said that now he's been getting people to invest with him.It sounds like an interesting proposition but I'm a novice when it comes to the types of partnership/equity arrangements so I wanted to run his proposition by the community here.Basically, I would be dishing out 100% of the purchase price for the property while he would take a 50% private mortgage from me at 6% amortized over 25 years.

In this case, we went out on a limb with this inexperienced father/son partnership but all of the right ingredients were there so we took a chance.

How are things set up on 100% owner financing, lease options and newly established partnerships with the sellers to take over as operational manager?