The lawyer can also read through the contract and negotiate your position and amend the document properly.

If you get off of that focus and start worrying about buying and holding you may find yourself in a much better position.

Yes Daniel I have an investment property that I think is going to be a great long term hold and was thinking of offering two positions for equity partners.I understand the way to go about this is to add both partners as members of the LLC and have monies settle and disbursed from escrow account

I am working fulltime and I am sure there will be buyers who are in same position.

I would recommend one where you get in front of people and or one that is flexible, or works with your schedule.I have a full-time W-2 position as a case manager.

Each has it's own particular risk.All having a single tenant have higher expenses and are difficult to achieve positive cash flow.

From this position you will be able to accumulate capital more quickly for your next purchase. 

One with positive cash flow. 

Post ads on Craiglist/Postlets/etc with rent, minimum salary of 3x to be approved, no evictions, all positive references from previous landlords, clean background check.2.

So, student forms LLC, LLC gets property under contract, parents lend money and/or credit through a guarantee to LLC (and co-signor on note with lender) with promissory note and mortgage (will be second position behind commercial loan) back to parents, LLC closes on property, student manages property and makes payments to commercial lender and parents (which would rapidly build credit for him and the entity), and onward they go.