I think I am mostly interested in buy and hold rental properties this creating a long term residual income.

@David MoreheadBooks: Due Diligence Handbook (super important and often missed element of the underwriting process)The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment (solid overview by an experienced operator)How to Create Lifetime Cash Flow Through Multifamily Properties (free, solid book)Articles:How to Avoid the Most Common Commercial Due Diligence MistakesDeal Screening Checklist for Passive Multifamily InvestorSpend time poking around the Internet + networking with local multifamily investors to understand how to underwrite and what assumptions to use. 

Once I am able to source a potential deal, I would work with a firm to perform the financial analysis such as creating the pro forma, underwriting financial models, partnership structuring, etc. in order to increase credibility on the financial side.Next is when I would be working with a legal team to draft the PPM (506c), Subscription Agreement, Questionnaire, and so forth.

Is it created by myself or the title company?

Real, long-term wealth in real estate is created from long-term buy and hold and opportunistic acquisitions (with a few dispositions). 

if your friend creates a note for you and places a lien on your home it's treated just like a mortgage and during closing the note gets paid off.if on the other hand you best friend just slips you 30K, the bank doesn't care. 

@Omar Khan has a very detailed and advanced spreadsheet that he created.

I've always looked for a way to create passive income and real estate has always intrigued me.

You've got to start by remembering that the requirements to completely defer all tax in a 1031 is to purchase at least as much as you sell and use all of the proceeds in the purchase or purchases.When you sell with owner financing you are actually creating two different proceeds that go into your exchange account - cash from the down payment from the buyer, and a note from the buy for the remainder. 

@Timothy Winfield I don’t work at Exxon but I would be interested in either finding a group or creating one.