Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

If you care to learn about the distinctions, read these posts:https://www.biggerpockets.com/forums/517/topics/1215989-expl...https://www.biggerpockets.com/forums/51-tax-legal-issues-con...2.

A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

We outline our criteria if they express interest so they know upfront.a.

Review your management agreement—it will outline all fees and responsibilities.

Quote from @Jamie Banks: Here's a few things I include in my MTR lease- Utility caps- Outline of the furniture that is included- Details regarding which utilities are included- Outline who is responsible for lawn care / snow removal- List of fees (admin fee, cleaning fee, etc) Hi Jamie! 

I also like the strategies outlined in Brandon Turner's "Rental Property Investing" book.  

Create a short presentation that outlines your process and risk mitigation strategies.

Once booked we have a rental agreement that is simple and must be signed and outlines the house rules. 

To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.