We're in the process of setting up our LLC and drafted a partnership agreement ourselves to outline our roles, responsibilities, and profit splits.I recently spoke with a real estate attorney who said our "partnership agreement" is actually an operating agreement and that a proper, sound agreement would be 70+ pages.

We're looking for ways to ensure his interests are protected. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊Here’s some articles we’ve contributed to BiggerPockets about screening a PMC BETTER than you would a tenant!

Renting properties to sober living homes in Colorado involves a combination of understanding local laws, finding the right tenants, and ensuring your property meets the specific needs of a sober living environment.

Could you please advise on what is considered a reasonable level of communication and oversight for repairs to ensure quality work without overstepping?

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

Proper recordkeeping not only supports compliance with IRS requirements but also strengthens your position in the event of an audit.This is unfortunately incorrect. 

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

You want to review all the HOA docs to make sure the community is properly managed/ maintained so you don't run into issues like special assessments or Fannie Mae noncompliance. 

Give proper notice when due, and then don't renew the lease when it is up.Tenants, especially experienced ones like yours, will understand that if they have a judgment after an l/t court case, they may lose their voucher if the judgment is left unpaid.Just a note:  you can easily check public records through the Unified Judicial System to investigate if a potential tenant has been evicted or charged with crimes.