You can change your mind in the future (and a lot of investors often shift and pivot later) but creating a focus now will help you get started and actually buy some deals. 

Additionally, if one wants to reinvest the money and the other wants to pull out the cash, this can cause issues.3: Do you have clear roles and responsibilities defined.  

As a general rule, no, I’m not in favor of a cleaning fee, AND a checkout laundry list.I think some one off things can be location specific, like trash removal on a steep mountain road in bear country as one such instance where it may be appropriate to ask of the guest. but by and large, guests are paying to NOT have to work on vacation, and my role is to be as hospitable as possible

It is also higher than what I have personally experienced, but perhaps my business model does play a larger role in that factor.Happy New Year to all and let's hope it is a prosperous one!

Eventually, experience plays a role in helping to shape you and your business. 

Personally I recommend working with a local hard-money lender that is better in tune with your market and can serve the added role as advisor with local knowledge (the hard-money lenders we work with in DFW have been invaluable in this role). 

Absolutely, credit plays a role, who had 600, did I miss that?

That is how I handle it when the investor puts up 1/2 the money and that is their only role. 

I was just pointing out that a person's view of the situation largely depends on their role.

This being said, determining what partnership looks like to you is entirely up to you.I advise, in the beginning, have a distinct role each person plays.