Partnership rules/ guidelines

[Sanjay Sharma]

three colleagues and myself are going to form a real estate partnership. Our goals are to put money into our partnership on a yearly basis and purchase real estate on a yearly basis. We started looking at mfh. We put a brake on aquiring property because we wanted to creat rules for the group. These are some of the rules we thought of:  

1.  Majority, i.e., 3/4 partners make a voting decision

2. We wanted to put a timeline when we cannot touch the money, maybe five years

We are work colleagues and around the same age. Therefore, we have similar income and similar life timelines such as college for the kids, retirement, etc. 

What rules have others made?  Any thoughts?

Thanks