A deed of trust, places a lien on the property, but your seller transfers ownership into your name which gives you the assurances that while you are making payments, the property is in your name and recorded with the county.

I have lived in Florida my entire life and can assure you an investment property for the right price would be great.

If you want a partnership then you need to present it as such but you have questions to ask before you suggest the arrangement.If you want an LLC, explain it if they are not familiar with them, most investors want a passive position and don't want management activities, you can present the deal down this avenue initially and assure them of their security.

If you are picking up on a slight hint of pessimistic sarcasm, I can assure you, it is not sarcasm.

They are working as fast as possible to finish at least the inside so that the tenants can move in.The contractor assured me that everything would be done on by that day.

We have sent out numerous mailings and will continue to do so until we get a bite, however, can anyone offer any advice as to what type of contract or wording is necessary so when we find a property to re-sell quickly to an investor, how can we be assured we will get our portion of the proceeds?

If you don't have the capacity to pay them if they're all stress-tested during some sort of a crisis then you can't assure the seller you'll be able to keep their credit clean.  

@Ben LengerAs someone who has a few "older" (Second Empire, Victorian, Edwardian) properties, I assure you there are more than the "little things" hiding behind those walls.The good news is the original house is too old for asbestos to be a big concern ... unless there were renovations in the 1920s - 1940s.  

If we choose not to establish an LLC, what is the best way to assure we are equally liable and equally entitled to our share (1/3) of the profits?

The project is going pretty well; had a little bit of a delay waiting for the plans from the architect, but my GC assured me they would make up the lost time!