What you outlined (having one entity and an umbrella policy) is what my father has done and it's worked well.Hope this all helps!

Great job outlining your strengths and weaknesses.

Of course, I want to have have a solid contract that outlines everything including his responsibility and his risks.

I have created a business plan and outlined my strategy.  

@James Joseph is there a specific way about doing that or is it through networking like is outlined in the Guide? 

Find a spreadsheet that you can use to bring to bankers that will outline your deal.

Definitely check state laws that will outline what the tenant's responsibilities are.

Once you have this outlined, it'll help you pick the neighborhoods and types of properties that help fulfill your objectives.I invest in Philly, and have a few rental properties.  

This is putting me above budget.I took out a rehab loan to flip the house so I'm in a bind to raise needed funds to complete the work.Any funding ideas besides taking out line of credit?

This document outlines the agreements between the members and sets out stautory requirements as well, if there is a form, most of it might be blank.....might as well do the whole thing.You know the saying, you get what you pay for.