Joining an existing S Corp

[Wayne Littrell]

I plan to complete a cash purchase of a property with personal funds, closing it into an existing S Corp that I would be joining (Illinois), which right now has minimal assets.  As I am new to the business of real estate investing, I was hoping to ask for advice on what I need to address before I put the property into the company name.

1. Amend the articles of incorporation to add me as an officer?  We would operate as co-equals, but I think there can only be one Director?
2. Issuance of stock in proportion to my financial interest in the total assets of the company?
3. Creation of a shareholder agreement that outlines how income is to be distributed?  We each bring different skills, so need my investment accounted for, but split future income 50/50.  Is this how others do it?

I appreciate any advice on the above, or other areas I should address, so I can make sure our partnership starts off on the right foot.

- Wayne