I've selected a market out of state that appears to be good for the prospect of long term rental ownership, and need to start taking the next steps.

As to ownership you do not own the house untilConfirmation.

Tenants will pay March rent to current owner and you will be credited for the rent for your proportionate ownership for that month.

I would have all of the ownership of the building if she fails to pay at any point.  

Update after one week: Closing purchase costs came in around $8,000:$4,500 in lender fees/points $2500 in title/legal work (including multi-member LLC creation) $1000 transfer feesOur total cash outlay up to this point is $18,523 and we owe a note of $119,283 at 9.375%. 

Better to build your own equity through the debt pay down, enjoy the tax benefits of ownership, and garner the equity of an appreciating asset.

The "clock" is tied to your loan, not to your ownership of the property.

Once they have ownership of the property, there are multiple exit strategies. 

Geez when a tenant initiated payment it takes a week or more for it to clear then 3 days to transfer it to my account.

I'm new to real-estate investing and I'm trying to understand the difference between the different forms of investingI want to play this RE game for the long-term and have the portfolio benefit from appreciation, depreciation, tax-free cashing-out, leverage using low interest rates, cashflow to cover the expenses.Here's my understanding of eachDirect RE- Full ownership / control of when to sell- Can leverage & deleverage as you want- Work involved to maintain property; But can hire a property manager to assist- Can provide cashflow to cover expenses + CoC return- Provides hard collateral / security for the money you put in- Tax benefits - depreciation, phantom appreciation, interest deduction Majority Partnership- Form partnership where you are majority owner with 2+ other people (with more capital input) - Can provide benefits of direct RE on controlSyndication- Passive investor / accredited - Less work- Access to commercial RE which you can't get otherwise- No security / collateral for your stake; Can loose everything- No different from investing in a business- Already leveraged returns; You don't control how asset is structured- Depreciation benefit passed through K1; But no benefit of 1031Crowdfunding- Low minimums- Already leveraged returns- Can be equity or debt based; Equity stake has some tax benefits through K1- No security / collateral and everything can disappear without recourseIs this correct?