I have an LLC for our partnership but again having a large umbrella policy will also help protect you.

In such a case, the deed to the property is a deed of trust, the equitable right and title being held by a Trustee.David, I think you mean a Trust Deed, not a Deed of Trust.Some bad stuff in this thread, there's trouble my friend, right here in BP City.Use a partnership, then you can do pretty much what you agree to.

You have the right approach offering something of value will trigger a sense of obligation.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I'll start out by saying the only ship that won't sail is a partnership.

In my 150+ tenant years of landlording, I have never had a situation where renter's insurance would have been triggered for a claim.

I've read before on BP about LLC not being a good option for Canadians because we don't have the same structure here and it may trigger double taxation (I have not reserached this at all, --just giving caution).

You can take you time, spend as much time learning and experiencing as necessary, or until you feel comfortable.IMO, the best strategy starting part time is to buy a small rental property, either yourself or in partnership.

More complicated, giving a note as full consideration when the option is made satisfies the true option facet, the note is consideration, but the note is payable even if the option is not taken and if payments are credited to the purchase price, that triggers the financing a purchase agreement.

Looking to get around some people actually doing deals and hoping to pull the trigger in the first half of 2014.

So I will have an "active role" in the partnership I guess you could say.