Real estate attorney is the best person for legal contracts that cover every contingency you might encounter.You and your new partner need to clearly understand each other's duties and responsibilities and legal financial liabilities for failing to perform such duties in a timely and legal manner.Look before you leap and know exactly what you are both getting into.

Ultimately this depends on your marketing company's financial performance and the ability to service the proposed mortgage.

yes the northeast in general is under performing in comparisons to other regions. however you lose local knowledge,  but I would at least start looking at data.

https://en.wikipedia.org/wiki/Straw_borrowerOne way that I think this would work to protect yourself is for the two of you to form an LLC and have the LLC purchase the property and obtain the financing, with you providing the personal guarantee.As far as using a 15 or 30 year mortgage to perform a flip, hopefully a lender will chime in on whether that will hurt you from getting another mortgage in the future.

The primary reason you see so many bad PM's is that they don't charge enough and then when it comes time to actually do work they aren't willing to work for free so they end up performing sub par. 

If the taxpayer materially participates in each rental real estate activity, his/her losses are fully deductible, and the $150k threshold no longer applies.It sounds like you are familiar with the test, but I will restate it her for the sake of completion.At least 1/2 of personal services in all businesses for the year must be performed in a real property trade or business and rental real estate.The taxpayer must spend more than 750 hours in real property businesses and rentals in which he/she materially participates.Both must be satisfied.  

signed at their current place of residence, etc. if they seem more 'comfortable' there (i.e. somewhere neutral, or more 'casual') and already are almost certainly signing the agreement? 

Ask the agent if that's something they feel comfortable performing for you or not?  

However at the moment I have the opportunity to purchase an already high performing property.

Was contacted about buying the non performing note and I have little to no experience in the area.