We drew up a partnership agreement outlining share percentages, roles/responsibilities, clauses in case of death or incapacity, Right of First Refusal in the event that we want to dissolve the partnership, capital call provisions (needing additional funds), written approval from members for expenditures over "X" dollars, etc.

What I would not do is break it up over anything more than 3 months.Also, you need to add language to your lease, or add an addendum, that they sign/initial, etc, specifying that if they fail to submit the total security deposit as outlined in the agreement, that you have the right to cancel their lease immediately.

Connect with me if you want more info, and in fact I just did a webinar to my local Meetup group here in Seattle which outlines the tools I use to run my note business as well as multiple SFR flips and rentals. 

Meaning you want an agreement outlining the terms of payment for your time and then a security deed (or whatever Cali uses) securing your cash investment as a loan so he cant sell anything without paying you. 

The standard Fannie Mae Real Estate Purchase Addendum (available for review on the Fannie Mae website at https://www.homepath.com/make-an-offer.html), which alters and takes precedence over your state contract.If your agent didn't submit the executed REPA with your initial offer, I'm surprised it was even considered/accepted.While I admit, paragraph 17.J seems to conflict somewhat, paragraph 5.a of the document clearly outlines your 10-day inspection contingency, and five-day grace period following completion of the inspections.The REPA is a standard form, and in my experience, there is no negotiating with FNMA on the form.

I have read a few of his books they are informational but seem to be a pretty vague out line and I am the kind of person that needs to details.

We agreed before we purchase a property together that we will outline on paper what we expect from each other as partners, who will be responsible for what, management, ect.

The data seems to point to good numbers with the strategy I outlined early buying ARV 150k in the 110-120k range spending 5-10 to fix and then renting for $1500 monthly.

BuyRenovateRentRefinanceRepeatThe B in BRRR stand for buy, but it doesn't specify or outline how.

.- Have a very specific investment criteria outlined before speaking with anyone.