I am looking for some information on a necessary contract agreement in order to align the expectations of both parties, and to ensure the payout is distributed evenly.

Having a PM clears up a lot of my time to research more properties, and my experience self-managing helps me ensure that my PM is doing the job that I feel they should.

He has a TON of great information and includes video tutorials describing how he operates his land investing business.From my comprehension so far, one of the most important considerations for vacant land is ensuring you will be able to sell the parcel after you buy it.

Your time here will be well spent.Now that you have made the move, below are some links that will help with the navigation of the site and get you started.https://www.biggerpockets.com/renewsblog/2015/05/2...Additionally, I added the below links from three of the most popular niches that you can review and pick one of the areas to focus on and build a solid foundation.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/rei/glossary/https://www.biggerpockets.com/webinarhttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

You will have to create an application screening process to ensure everyone is screened fairly, honestly, and objectively.

But doing so ensures a short life in the passive investment business as those projections are ultimately not achieved. 

That means more time digging into threads to see if a post is even necessary, at least for those who try to ensure good responses. 

From what I've read, there can be a lot of downsides to TICs and a firm understanding of the investment is required to ensure you don't end up spending more than you would if you were to just cash out with the capital gains. 

Would you recommend me setting up interviews with the big players in the area and see which fit best?

Section 8 housing folks may stay 5 or 10 years and the govt ensures that you get your rent.