I have a similar situation at work where I'm salary, and as long as I'm getting my stuff done, helping scale the company, and the facility isn't burning down because preventative maintenance is being executed, I have the freedom to come and go as I please...leave early, show up late, take a longer lunch if needed.

We are looking to execute the BRRR strategy together.I am trying to find a good way to arrange our first deal with an equitable distribution of profits.

Either way I need experience in RE before executing such a large deal, so I want to start dipping my feet into real estate during the 10-year interim and learn as much as possible.

Make sure you work with a structural engineer to determine the best fixes and work with a reputable company to execute the plan. 

You'll also be able to build your team of contractors and other service providers so that when you find a deal you can just focus on execution. 

We also serve as a multifamily mortgage broker for CMBS, banks, life companies, and bridge financing executions. 

If you follow those recommendations and execute your plan for the property, your concerns over "red tape" for a rehab will be a small obstacle when you realize you have acquired an income producing asset that you can own indefinitely.  

I have a plan, I just need to execute. 

Or he only needs to sign a Agreement to Execute Agreement?

As a few hairs over novice in the REI world, I always pursue my passion as it is my first day at mini training camp; hardworking, engaging with my superiors, executing at highest level, not afraid to fail.