Then I moved to a new job (higher pay) but I am still a contractor (for 3 months now) and will be absorbed as a full time by 4th quarter of this year. 

I am going to purchase my first rental property in first quarter of 2019.

Find a vacation rental or other temporary quarters so your tenant can be under lease and move in, thereby freeing you up for a new loan.Sometimes you have to do things you don't want to do.

These deals have options to pay monthly, quarterly or annual interest payments with return of principal at the end of the term.  

You might have to pay a fee but you could also pay quarterly or bi-annually.

I'm now thinking that even if the market does take a bit of drop in the next few quarters, I should be fine if I use the right guidelines for the property I'm buying to hold.

I also expect quarterly interest payments.

You want things such as ongoing quarterly updated business and personal financials.

They can write checks, but according to IRS rules (and their internal controls) they will want to 1099 everybody they write a check to.So you get one or the other - checks to your partners, but they get 1099s and make the taxes all FUBARorthe check gets written to the LLC and distributions occur from there.PS - You should be really careful about setting expectations for partners that they'll get a distribution every month or quarter or whatever.  

When looking at the local market and what sets our place apart from the competition is the fact that it is an entirely separate living quarters with its own bathroom.