Hello My name is ron I am a new investor And will go in doing a flip with a partner who is my friend we bout going to contribute a start up capital We are going to work with cash only no banks I wanted to know what kind of company should I open (LLC) And should I have  a n operation agreement form to protect myself Any advise how to start a partnership and how to handle funds . 

What @Roy N. stated was the only renting experience I had.

@Rachel N.

So in some ways it is similar to long term buy n hold in an area with no appreciation (i.e. even if it has cash flow today in real terms it will only go down (taking into account inflation)).

Also check to make sure its not "knob n Tube" electric wiring.

Ma n Pops get the worst.  

In this case, Roy N. is right, rooms are even harder to finance and require a lot more cash down since their value for the bank is always lower than conventional units.

I also agree with @Percy N. and try and split the difference just to get out from under it, if you need to sell it.

For example I came across 4187 N.

@Roy N. - Sorry, should've been more clear!