Dan,It sounds like your friend approached you and is already willing and able to invest with you, so I am not sure an "initial letter" is needed here.The most important part is your operating agreement if you choose to form an entity in which you both are 50% partners or a well written joint venture agreement if you use your own entities as partnerships.These contracts/documents should stipulate all teh duties of each party, death survival verbiage, insurance, and all details of the deal process.

Can you give me examples in detail.

For confidentiality, I will not post details on BP.Alternatively, although I have connections with many hard money companies nationally, I'd like recommendations from anyone with a positive experience with one of the national companies, so that I can find new sources.

While I'm open to pretty much any type of partnership opportunity (if the deal is right), the rehabs I've been doing for other investors have mostly been just a flat-fee type of arrangement where I come in and take care of all details of the rehab.Basically, I consult on the level of rehab and finishes, put together the deal analysis, help put together the budget/schedule, and then bring in my contractors, manage them day-to-day and complete the rehab for the investor as we've agreed (or as he wants).

In case a claim is made for unpaid rent, the customer details provide all the billing and payment to date.

I should have explained my financing situation in more detail.

Is there a minimum number of years I should plan on staying in the primary residence if I take that loan to make it worthwhile?

Actually it was the title company that told me it would take 2 weeks.The seller is reputable so that's why I trusted him and considered skipping in the first place.I will deliberate and skip or I suppose I'll look for another title co.Thanks for the quick and detailed response!

.#4 - 4/1.5, 1556 sq ft. 1.2 miles away, Totally rehabbed house, builder grade fixtures, sold for 219k 8/05/11, 6 months on market.Will give more details but Im out to meet my contractor at the house.

Two Senators have proposed a bill where foreigners can buy a Visa if they buy $500k worth of real estate.One significant detail to this proposal is that the individual can break up the $500k.