I use Zillow Rental Manager to collect rent electronically, I just started using Stessa to track data, a Excel check book register to track expenses and deposits and TurboTenant to list my vacant properties.  

One method for ensuring there is active participation, is keeping monthly/weekly meeting minutes with partners on record.

This ensures I'm at least keeping up with increased expenses like taxes or insurance.

I'm primarily on VRBO and I get these regular suggestions from VRBO that state "adjust your rate based on changing market data". 

Once we have historical data to lean on it becomes easier to provide that data.

Can't tell when in the future all of these data points (low interest rates, housing shortage, Builder shortage, Lot shortage, migrating investors, migration from city to country, family RE knowledge) will come together.The process of subdividing created value from $6,000 farm ground per acre to $50,000 per acre for the 2 acre lots. 

The property data can be obtained through you local assessor's office. 

Companies like listsource.com (there are less expensive options) specialize in providing that data if I’m not mistaken.

if so what do you think the best way to be successful and what type of steps did you take to ensure your success?

If not, then you might want to offer some equity in the deal.You are right to ensure everything is written down and completed by an attorney.