It wasn't usually him giving us information but him connecting us with resources, more experienced investors, basically him teaching us how to fish.

In my case we bought in Boston and we live near NYC, a driving distance which is not too painful.

Here are few basics : % of ownershipsDispute resolution, etcDeath/Disability of a partnerProfit/Loss allocation and capital contributionI would recommend consulting a good attorney to get a list of things that you and your buddy need to discuss and have a framework to draft an operating agreement.

He is driving this weekend to look around. 

You can look into driving for dollars and DM to look for some deals.

I basically give the tenant a few options on how to pay rent and let them figure out what works for them.   

One follow up: if you would like a basic CFK agreement that we use for our bank clients just PM me and I can send one to you.

Can you see obvious items needing repair (like the roof) when driving by?

If the house is small enough (~100-1200 SFQT )  just a drive by could be enough as well combining in inside pictures.

@Collin Smith In the lending world there are basically 2 types of loans for these properties - "Conforming" loans or "Portfolio" Loans.A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names).