The great thing about partnerships is that it is upto the partners to set the profit and loss ratio's.Something to take into account is each person's specialty and skillset to the partnership.If you have experience or a proven track record of delivering a return for investors - you can demand a higher profit percentage.As Jeff suggested - Please have an Attorney look over the partnership agreement.

I have attended a few seminars about it and spoke with a few turn key providers.

But buying the house right and getting your numbers on rehab cost are key here.

I told him to leave keys in mailbox but Monday was the final day.

At this point, any advice on key or important first steps to take would be appreciated Start an LLC now?

Investor relations is a key aspect that I think many tend to take for granted.

Networking is a thing, there's always going to be someone somewhere that needs your skill set and you need theirs, the key is to find it.If you got time and no money, hustle and hunt out the info.

I cannot post here, but go on Meetup site and search for the key words "bergen county", "real estate". 

Thy key is not go low enough to temp the tenant, yet stay as high as possible, where you still have.

I'm looking for local Dallas/Fort Worth BRRRR opportunities as well as buying cheaper high yield turn-key deals in cash (50k-70k out of state houses yielding 12-15% in Indianapolis, Memphis, Pittsburgh, Detroit, etc)Here's what I'm considering: what if I apply my 50k of cash towards the principal of my home, immediately reducing the balance of my primary mortgage down to 112k.