As soon as you get the property under contract, you'll want to open escrow immediately to make the agreement legally binding.

@Amy FirminAmy, If you are bringing your kids in to teach them the business, letting them know that trying to cut costs by saving on legal fees is definitely not the best advice.A partnership template may technically cover the needs of the parties at its inception but may not be sufficient to cover the eventualities that can arise in real time.If you do find that template, spending a few bucks to have an experienced eyeballs on it to button it up seems like a good idea.

Definitely my preferred investment method.

I was doing some research but wasn't coming back with anything form a legal stand point.

Hey @Isaac Martinez & @Raymond Eng - Feel free to shoot me an email under my BP signature and I can definitely send you the Chicago association of Realtors 2023 lease.

OR, most likely there are members who have run into issues and have a lawyer or two that they know.You definitely want someone that specializes in real estate and even more specifically in whatever issue you are running into.Good luck!

Welcome to BiggerPockets :)Lots of options to explore, real estate investing is definitely not black and white.

If I want to terminate the lease what is the legal process for doing so? 

You’re definitely thinking about this the right way :)

This year a change of STR regulations resulted in my 24 year legal STR being banned.