A colleague of mine and I are considering entering into an equity partnership.

I live in northern Canada (so I understand there are legal differences from our neighbours to the south) and would like to start a real estate investing corporation with a few coworkers.We would be a group of about 5-7 individuals investing in Canada with options to spread into the States if things go well.What I would like advice on is what kind of verbiage to include in our contractual agreement (bylaws, unanimous shareholder agreement, etc.).

I know I wouldn't want to rent to those individuals.

@Ashish Acharya I didnt know any better and always created a new llc for new purchases; I assumed these 3 family homes would have more individual protection in th event of any lawsuits.

That is all you should need to legally enter the property.

Within hours of the listing going live, I entered a full-price offer in writing. 

Where I am worried about is having a high minimum monthly payment after I, lets say, purchase a $100,000 SFH all cash.Let me give some more data:Draw period = 5 years; where at the end I can either re-apply to extend the credit, or enter repayment period of 15 yearsInterest (as of today) = 5.75%Min monthly charge factor = 1.0748% of unpaid balanceSo with the example of $100,000 SFH purchase, at month #1 my payment would be $1,074.80.

Should the property owner pick up the interest expense even though the mortgage company issued a 1098 to the other individual?

You may have one individual within this company that represents you (the buyer) and a separate individual that represents the seller, but they are ultimately working together to get a deal done and collect a commission. 

You just have to sign up for an account and upload to each site individually.