I am learning a lot from BP on how to set up a property management system to begin learning the proper way to structure a rental property portfolio. 

Hola Adriana:) When buying property in a different state, it’s generally better to set up an LLC in the state where the property is located.

Hey @Glenn Larson  You’re right, seller financing really depends on the seller’s flexibility and the specifics of the deal, but I can give you a couple of typical structures to think about:Interest-only payments: In this setup, you pay the seller interest on the loan without paying down the principal right away, giving you time to stabilize the property or improve cash flow before paying it off or refinancing.Balloon payment: You might negotiate a lower monthly payment (possibly interest-only) with a balloon payment due after 5-10 years.

Set up a working line of credit.  

It is not a distribute if setup the correct way.

How is your Canadian company set up?

I am only saying that to set up your expectation that it might take a bit longer that it would have a few years ago.

Here are some good place to start:http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

Most of them are not EAs and a few in each office just started this year.First, find out if your person is an EA.Next, did you set up a Partnership, Corporation or an LLC that can be taxed as either one.

@Larry CaperIf you were to setup your own fund of funds, you’d be GP in it as well.