God morning everyone.This question is about what are the best steps to craft going forward.

Expect hard work, developing your hustle, and putting in the hours to learn and develop your craft. 

While an LSA can play the role of collecting / remitting payments, accounting and enforcement in the event of default (foreclosure), its not necessary to have an LSA and may add extra layers of complication or expense.I’ve found that if you have a reliable escrow agent: they will handle the crafting of the note and mortgage, arrange for necessary signing / notarizing / recording of the documents & handle distribution of loan funds.

I'd suggest taking a step back and assessing your risk tolerance and exactly what you want from investing, then you can start crafting some criteria.

I intend on crafting a solid contract agreement with my partner so that there'd be no confusion, and I also want to make sure to reduce our risk as much as possible. 

I'm still shocked SFR guys get away with 6%+ commission because they have crafted a better image. 

@Joshua Messinger I agree with @Brad Hammond doing it yourself is the best way of learning and perfecting your craft. 

I have great Section 8 tenants but am in B and C areas and screen meticulously. 

You will just need to be meticulous with the information so it is correct.For option 2.

An excel spreadsheet is also a great and free route to go, just a bit more time consuming and need to be very meticulous with the detail and organization.