Also, need some advice on formation of partnership which gets complicated when you have 3 to 4 investors.

So I took someone based on her divorce decree and child support initiation, not realizing that while the Ag office would enforce child support, it was complicated if out of state and if employers changed.  

Another thing about foreign entities, while these are done for benefits under the state law of the state where they are organized, your state law may be given greater weight or be applied in some situations over those of the organizing state, real estate laws won't be looking at the color of the organizing state.IMO, and I'm not an attorney, is that foreign corporation status, complicates filings and taxation requirements, the benefits initially sought may not be applicable since you're not really operating in that state.  

Quit claim deeds can complicate the chain of title.

Interestingly, simple models and rules of thumb will outperform complicated models in such highly complex systems with many variables and too many unknowns.

@Laramie HiebnerWhen a home owner goes into a default (90-120 behind), the lender will post a Lis Pendens with the courts, listing the notice of default and how much is owed.If you were to approach an owner and convince them to sell their property, and they owe more than the house is worth, it would be a "shortsale" and the lender would have to approve the sale and sale price due to the loss on what's owed.Nebraska is primarily a Trust Deed state (non-judicial foreclosures).

Read somewhere on the internet at work about rentals and thought I'd give it a try. 30 days later I closed on a complicated unwarranted condo and rented it out in a day.

So it gets really complicated when you start trying to target a post-tax number.

I had heard about it but being non computer oriented I did not know if I would be able to configure and use the site.. as I get super frustrated super quick if it complicated at all..

You do not require a lawyer, but some people still utilize their services for more complicated transactions.