@Chris Cyle hey Chris I’m new to the game but I’m very dedicated to building wealth I’m a new realtor in the DFW been listen to podcast and webinars since I can remember I may not have that much skin in the game but I know a little about business and I have the work ethic to make up for anything I lack we should connect

Partnership is 50/50.1) Money to provide 100% of the down payment / acquisition costs2) Manager to provide property management - no fees except for marketing / supplies3) Net income split 40% to cash reserves to $20K (assume reserve value is accurate) 10% to Money (cash flow) 10% to Manager (cash flow) 40% to Money to repay the down payment (~5-6 yrs to 0 balance)4) Any remaining Cash reserves at sale are first allocated to down payment, second loan principal and 3rd equally split 50/50%.5) Cash reserves to be replenished as used at 40% of cash flow.6) Any assessments to be split 50/50% should the reserves not be fully funded7) Upon sale, mortage and down payment to be paid off, then any profit / loss to be split 50/50%.8) Buyout of partners possible should one decide to sell (using pre-determined value)9) Other partnership boiler plate stuff that attorney throws inIn addition, Manager is also requesting a 7% fee once the down payment is paid back, stating that I no longer have skin in the game (all money returned) and so his sweat equity for 6 years has earned him the 50%.

I definitely have "skin in the game".

I've never purchased a property like that but I figure they have skin in the game and it was therefore beneficial to use that type of broker. 

So the bottom line is, it's whatever your personal CPA that files your taxes says to do.and I'll tell you why: skin in the game.

Number two is that anyone 18+ now has skin in the game.

Make sure you check the title work and there are no issues with that - these are highlights only -   if it's listed the seller likely won't accept a subject to BUT might do a seller financed deal with little down if they know you will have skin in it with fixing it up - this is safer for you as you will be the owner and they are the lender.  

Become the Waterfront specialist, Neighborhood specialist- Sunnyvale, Hill country I. 

Your LLC will need a taxpayer ID number, and a tax specialist can help you determine the best way of going about that.

I was the National President of The Council of Residential Specialists (CRS) in 2012.