Hi friends,I'm starting to build a portfolio of long term rentals using creative finance.  I hope to use private capital to fund the entry fees in second position.  Does anyone have any advice on the best way to find ...

Readers are advised to seek professional advice.

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

@Emily Shin, while it can be debated, I would advise house hacking your first deal before investing out of state.

If that is the case then that is considered cost of doing business and I would advise that should be calculated in your costs/returns you provide to the investor.IF you are referring to the investor who is the borrower - then I would have included that cost in the loan agreement.

If you could avoid an HOA, I'd advise to do so. 

Readers are advised to seek professional advice.

I would not necessarily advise being cash flow neutral or negative before you account for these types of things.

We've also advised this method to our investor clients that borrow from us.