Unless you want to be part of a lawsuit to determine the legalities of this you may prefer to not get involved.  

The purpose for this post is to get in touch with local investors, expand my real estate investing knowledge, and determine my next steps to becoming an investor.

Rental income).Your income can either be considered FDAP(Fixed Determinable Annual Periodic) or ECI(Effectively connected income).You also want to understand how having a US LLC will be taxed by Canada.

That would help me determine who should get what.

Below is the process I followed when I first moved to Las Vegas.After some consideration, I determined that the most important tenant pool characteristic for making money is that the tenant stays in the property for many years.

See how much you can get pre-approved for first.....that will help determine what you should look at.

You have to evaluate each objectively and determine which will work best for your goals, finances, time available, etc.

I’ve a group of friends who would like to invest with me - somehow I was able to pitch my plan to them and they believe me because they see how determined I am and know that I’m a person who finishes what she has started, has a good work ethic, and will do whatever it takes to get work done.We would like to start by exploring the Delaware market and we were looking into LLCs.

I don't own the property but I'm analyzing it and want to make sure if a tax reduction is allowed to determine feasibility of purchase.

Short term: (1) determine investment goals (target ROI, markets, property size, capital stack); use this to dictate where and with whom we invest. (2) market research to evaluate where and what will meet investment goals (this is where my OP question about analyzing properties with rent control comes into play). (3) decide to sell or refi our 4-unit property in line with points (1) and (2). (4) analyze cost benefit of selling GP interest as capital source in line with points (1) and (2).