If you have a house built in 1950 and he has one from 1980 I will bet you are lower.

Thanks @Karen Margrave :) The 50/50 structure is pretty simple, the RE attorney will be able to draft up a JV partnership agreement or an operating agreement for an LLC.

If you don't have any $ it is your best bet.

Your best bet is to find a portfolio lender (small, local bank).

I'm familiar with straightforward quick flips, but this seems more complex.Could someone suggest key protective terms to put in place, or a source for boilerplate LLC operating agreement language to compare against?

Vacation rental owners will tell you that in most cases you can bet on renting your place 17 to 24 weeks a year, so you need to figure your profit on that.

@Eddie Starr - Your choice of entity depends on your business operations.

I currently am a Power Plant Operator and am saving my extra income to start investing in assets so that my money can make money, instead of 'working' for my money.

If you have the proper shut off valves and they are properly installed, there will be a bleed device for that purpose.You then have to put RV anti-freeze into the traps.Your safest bet is to have a plumber in to check things out.

I bet you will rarely find them full.