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What is the new agreement (after the refi) on how the monthly/annual profits and losses are to be split?

And what about the notes that were suggested near the end of this thread? You probably need to write down an agreement among the three of you that lays out all of this on a piece of paper, whether you formalize it through a partnership of some sort, or not. This also will support the paper trail that Phil mentioned concerning actually paying (and collecting) the interest on the notes. A major use of contracts is to jog memories and help honest people remember among themselves today what they thought they'd verbally agreed to last year.

Eric Hines
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