Personally I wouldn't have settled for anything less than an arrangement like this that was specific and pretty iron clad.

Next, try to arrange to visit the prospective tenant at their current location to see how they are taking care of the place.We do inspections at least once per year.

We are both very happy with our arrangement, and to this day, have never had an argument.Yesterday, I told him I wanted to buy another property.

@Jeff Nobert my advice, and I am no expert:-Three way call with your partners, discuss these details and iron out the skeleton of a profit sharing arrangement.

If applicant is aporoved, The holding deposit shall be credited toward the security deposit and applicant(s) must make arrangements within 48 hours to sign the lease agreement and any other documents.If applicant(s) are approved and fail to promptly enter a lease agreement for the property, the holding deposit will be retained by owner and considered forfeit.

The arrangement for this first deal was that my wife and I find the deal, make the offer, arrange and manage contractors, find and manage tenants, and manage maintenance.

I'm trying to find out more details but I think they're saying something like:That I could buy the property say:1. 33% owned by me personally (or by an LLC I own) with me arranging $100,000 for example can I get my parents to give me a non-recourse loan for $100,000?

Thanks Rob, that's a good start.What kind of arrangements are made between owners/managers?

We would pay the crew and materials and our business arrangement was 50/50. 

I think your father is referring to a "subject to" arrangement.