How do partnerships work?

[Barry Je]

Let's say a couple friends and I want to invest together, and all three of us live in different states.  How does one go about this?

Will a bank lend to three unrelated people? Can we quit deed claim into our LLC? Right now I'm using a large umbrella policy to protect myself with my property after a quit deed claim. Can that be done with three people on the LLC?

What if they gave me 1/3 of the down payment each, and I got it under my name. Can i then quit deed claim it into our joint LLC? then the next one they do it?

I guess my question is...you and a few friends are creating an investment group for SFR's. What steps are required to make it happen? To keep us legal and protected from a liability standpoint?