We will sign an agreement and I have no concern about the partnership or the terms, I am simply wondering about the technical requirements of the literal procedure for combining funds for the purchase.  

You need to talk to a local real estate attorney, so you understand what the laws/procedures are for obtaining clear title on tax deed type properties.  

All I would add are:- What is your policy and procedure if I wanted to cancel my contract with you?

That said, I also know many, good property managers who create value for their clients, have compensation that aligns with their clients' interests and have implemented professional policies and procedures to maintain service levels while growing their business. 

then pumped gas during the gas crisis.. quick stint in collage ( 1 year) I graduted high school early... did not like Collage at all.. my dad talked me into coming home living there at 18 and getting my real estate license.. while I was studying to do that I tried selling dental equipment ( few months ) very tough failed at that .. tough getting past front desk and dentist are cheapo's... 

We have an auto responder that sends out:\Confirmation of instant booking email with dates and promise of additional info closer to check-inConfirmation or booking request with a promise to review it and get back to themPre check-in instructions (3 days before arrival)Follow up the afternoon of first day of stay to ask if every is going well with their stayReminder of check out time and procedures 24 hours before departureThanks for your stay and reminder to leave review 2 days after stay is complete.These emails take care of 95% of guest communication.

Then I would suggest you create a business plan of how the company will look when built out, and follow that up with an org chart.Next I would create policies and procedures for all the processes you are going to have to create when managing properties...And finally you need to make sure you are current on all the laws that govern you on a local level, state level and federal level (Fair Housing, Discrimination, Property code, eviction law, Fair credit reporting act, tenant rights, IRS)As you can see and I learned there is much more thought that needs to go into starting a business, whether it is PM business of any business if you want it to be successful.

There are probably 10 experts here on BP that work different states with different rules and procedures, I think every one of them agree that you want to see every property you bid on in PERSON, not on google street view, not on sat view, not on some website. 

Expanding consumer protections to surviving family members and other homeowners: If a borrower dies, existing CFPB rules require that servicers have policies and procedures in place to promptly identify and communicate with family members, heirs, or other parties, known as “successors in interest,” who have a legal interest in the home.

Create an LLC, transfer ownership from your personal name to the LLC, and speak with a real estate attorney to streamline this procedure.