And it should depend in what kind of equity and experience they bring to the deal and how the operating agreements are written up as to what to pay out to them.

My wife and I are finally getting started with rental properties after months of research and a lot of property hunting.

Through my own research of the insurance code, I have found that as a broker I need to give my client the Standard Broker Fee Agreement and Standard Broker Disclosure along with the applicable insurance pamphlets.

. :)One final tip: add the cost of turnover to your model.

There are currently 6 under agreement in Salem under $400k..they go quick so you've got to act fast. 

With 3 months to go, it's hard to say what the condition will be in final walk through.  

Finally found help. 

I would set up an llc and create an operating agreement and go fund it.

Have a Joint Venture Agreement that outlines who puts in how much money, how disbursements are made, what happens in the event one of you wants to leave the agreement.

I am finally interviewing several contractors and GCs about starting work on a 3bd 2 ba in Long Beach, CA.