Also, my wife and I will tackle this new venture together, so if anyone has any suggestions on how we approach this to maintain a healthy relationship, please feel feel to post them.      

Since you are concerned about your personal 4 financed property limit imposed by the GSEs (Fannie Mae, Freddie Mac), you should realize that "Joint or total ownership of a property that is held in the name of a limited liability company (LLC) or partnership" will count towards your financed property limit.

You mentioned you  are married, and I am going to assume you file jointly.

This is considered a joint venture and should be a 50/50 split of the profit.

Hi all,Anyone here interested in financing or joint venture in multifamily in Vancouver?  

All in all a bustling area with a diverse and healthy economy.The real estate market is likewise healthy and currently enjoying a strong up trend in prices.

If you didn't want to go that route, I would be comfortable with a Joint Venture Agreement, Promissor Note and a Deed of Trust.

Make sure the rents more than cover the costs so you have a healthy NOI ( net operating income) .

Looks like healthy advice for the "average" first time home buyer. 

You might see if you can do a joint venture with someone.