Best practices/template for rental investor agreement

[Scott L.]

Hello, I'm negotiating to be the primary investor on a 4-family home that needs refurbing then likely could rent out. The refurbishment needed first is extensive. I'm familiar with straightforward quick flips, but this seems more complex.

Could someone suggest key protective terms to put in place, or a source for boilerplate LLC operating agreement language to compare against? For example:

- Do people require receipts from the developer to confirm refurb costs?

- What happens during overruns - additional capital contributions? If I put in 90% of the cash and get back 70% of the profits (30% refers to the other person who is also the developer) - shall I ask fo a great % if more capital is needed?

- How to motivate the developer to continuing improving NOI after the house rents?

Thanks for any pointers to important terms to put in the agreement!

Scott