We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement.

Welcome to the party!

You can't sign a contract now - once both parties sign, it is executed.

They have a payments 3rd party website, but it's hard to find the link from their main website. 

Quote from @Ricardo Lemus: Hi there,You guys probably went thru some of my post already and even help me with some experiences - Thanks a lot :)This time, after 6 months on this, I think part of my brain is saying that somehow I am in the right direction, and the other part is saying something is going on with the rent price I have set for my properties.

I frequently see where one party is awarded the property and debt and is mandated to sell or refinance it within a certain timeframe to have the other party removed from the note/mortgage.

Our third partner, who has experience with smaller projects in Detroit, also finds this endeavor overwhelming.

One other thing that I am constantly seeing is the set it and forget it on 3rd party platforms.

The third property has a nice cash flow.I am wondering if there are steps I can take to reduce the cashflow issues of the 2 properties before obtaining another property, like pay down the mortgages or should I just save the cashflow from the third property to pay for any future expenses?

(Photos from a third party inspector)