@John Tappi there a many ways to set this up. you can consult with an attorney and explain to him your strategy and he will be able to lead you properly with when you should set up the LLC. 

Leverage their knowledge to determine if you could afford this property if you sold your existing rentals (that likely are cash flow negative as a set). 

Need to have 6 months expenses set aside in liquid or near liquid assets.2.

Please understand this (and I am not advocating using attorneys as a must) land trusts are very state specific and I would spend the money with a good experienced real estate attorney who is also an investor themselves.Spend a little more now verses a lot more later if it's not set up correctly.

:)  I also hear of a lot of challenges getting mortgages as a Canadian Citizen, Setting up your corporations right, the exchange rate keeps you on your toes, and the unknown of what a downturn in the market looks like are enough to make us research a little harder before we just jump down there. 

Many title companies are setting up their own portals and not sending wiring instructions over email any longer. 

None of my tenants use credit cards, they all set up direct withdrawals from their bank account. 

I'm saying it's 25/75 per a private agreement and how my parents have set it up in their will as well but for all intents and purposes, could we treat this as a 50/50 arrangement at least when it comes time to sell under the same circumstance?)

Is there existing financing on the property and the lawyer is setting up level 2 deeds to secure assumption etc?

They always set me up with good coverage and companies that work for some of my more "distressed" properties.