This agreement will outline initial contributions; how each partner/owner may (or may not) increase their contribution (and ownership); the guidelines for dissolution, succession; whether a partner may sell his/her interest (and the process, etc).You and your partner-to-be should jot down a bullet list of what you have in mind, then sit down with an attorney to draw-up the actual agreement.When it comes to property management, I like to keep it separate from the ownership agreement.  

I am considering, finally, selling one of my single family homes which has been sitting empty for three months between tenants.  

Im planing to sit on the land for now and possibly one day sell it or build a home for myself.

His writing and thought process remind me a lot of Ben Leybovich Kahn Academy has a great section on Finance that can explain the basic principles: https://www.khanacademy.org/economics-finance-doma...I wish i could have just watched all of those videos instead of sitting through three semesters of intro to Econ and Finance.Lastly, I highly recommend the Millionaire Next Door.https://www.amazon.com/Millionaire-Next-Door-Surpr...It won't tell you exactly what to do and the data is a bit dated, but it will totally change your perspective on what being "rich" is and how the majority of truly wealthy people make and keep their money.

The problem here is that I have under utilized equity just sitting there.

So fast forward, I am currently sitting with 50k in which I am fortunate enough to use it all in REI.

Might be better for you to just take the $1300 until May so you can try to get a tenant lined up in the mean time and be better off than if it were to sit vacant.I would have a really hard time making him move out and uprooting his kids during the school year like that.

Learning as much as you can as fast as you can because the money is sitting there and you need to figure out how to reach it. 

Number one thing don't just sit there.

Now if the property has been sitting for a while with no rental offers then a PM may negotiate the price if they raised the rent too high.