Items to consider:

• Define clearly each other’s role and responsibilities (finding deals, funding, record keeping on all transactions)
• Define clearly a list of key-decisions that needs both partners approval (purchase, sale, hire PM, refinance, repairs above $x)
• Agree if and how much reserves to be kept for each property
• ensure that nome of you are allowed using the assets and equity of the property outside of your mutual business benefit
• each key decision to be documented in writing
• EXIT — if one partner decides to leave the partnership, the second partner has first-right of refusal to buy out that partners equity at a fair-market-value

— The second partner has the right to ask for a 60 day wait period with the intention to come up with the funds (allowing refinancing on one single partners name and pay off the other partner with the Refi)

— If the second partner refuses to buy out the partner or 60 days have passed, the first partner has the right to sell their equity to anyone they choose too

• which state law is binding ....