If you come to an agreement with the seller, you can say that you'll have the formal contract prepared in a couple of days for the seller.

I am forming a team/business partner to start on real estate investing, and I want to ask if we need to get some kind of formal business licence such as an LLC...or we can just do it in personal/individual level? 

I took my time to submit a formal written offer with proof of funds.

and I give them formal 3 day notice. 

@Henry DerI would sit down with a Canadian accountant who has cross border expertise to iron out the ownership structure before you start purchasing.From reading your above posts, I would see the U.S.A.

Heck, I live about 2 miles from the core of downtown Orlando and there are unincorporated neighborhoods bordering mine.

But I have changed my formal dining room and sitting room into bedrooms. 

There are formalities that have to be followed if you create an LLC and if you don't follow them properly, having an LLC is pointless.

If they have been there for sometime and are paying the rent, I wouldn't bother with doing formal tenant application & screening.

Bordering a personal threat for sure.