I would think very carefully about ceding control over the investment given you are all inexperienced.

Regurgitate these emotions back to them.

Remember you don't have to own a property to control it.

Values drop, sometimes drastically, rents go down as quality of tenant declines; cost of operstimg properties increase, and governmental interference, especially in the form of rent control, can slash values and profitability severely. 

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.

It's a far superior product to sheet vinyl and peel and stick vinyl products for a multitude of reasons.1) With most brands, you can't install it over an unconditioned space, it has to be climate controlled.

As a landlord, you should vote No on Prop 33.Costa-Hawkins restricts most control laws that local cities and counties can impose. 

Business is like a high school and most people in real world are emotionally driven and irrational.

To your point, yes the larger check writers want more of the upside, control and will also do a more thorough look at the sponsor to understand where the GP equity is coming from, who is guaranteeing the debt etc. etc. 

You don't have much control of the money.