I created a plan based on most techniques and offering I've found on this site.

On the subject of Quit Claim deeds (but not lending per se) I've heard of a technique when buying a property subject to the existing mortgage to offer a pre-signed Quit Claim deed to the seller to be held in escrow by title company or attorney as a protection mechanism for the seller in the event the buyer doesn't follow through with their obligation to make the mortgage payments.

If so, would it be better to increase liability insurance to keep safe from suits?

Shooting for appreciation at a time when people are comparing home prices to 2008 I like the idea of steady safe cash flow. 

Work in progress but, let's see if my technique works..

If utilities are included this is a far worse investment that you presently believe.I am being conservative here, to be on the safe side.Is 2-3 years payback too long?

Is it wise to partner up with someone in this way, or will I need an attorney to do this safely?

well i am going to take the contrarian stand here on your post.I agree with some of those that sell wholesaling i see as bottom barrel guys simply because the way they teach it is illegal in many states.. but others that teach basic. flipping techniques they are all real its legal  and just because 400 people sign up and only about 20 will do anything with the data  .. but that's all things real estate.1..

@John Underwood I purchased this property in my name and have a conventional loan on the property, is it safe to transfer into an LLC even though there's still a mortgage in my name?

I know normally from what I've seen on "deal of the day" or any other analysis, i'm definitely being safe.