This way, I don't touch the original funds at all, and I can't touch the payback funds until all debt payments associated with it have been paid.This is a proactive, risk control.Now this is just a 30,000 ft view of how I do it, details and other aspects of this system not mentioned here, but this overview of it should give you at least an idea of how you can handle it at your end....and what @Jay Hinrichs just wrote

My wife and I have always been interested in real estate and while we educate ourselves about investing we thought it would be a good idea for one of us to get licensed. 

A friend is looking for ideas for next deal, here is a financial snapshot - hopefully some of you w experience can give ideas of what you would do in this case.

Good idea thanks!

I am thinking as tenants-in-common but it would be interesting to hear if you got a definitive answer.One reason I bring this up is would your idea of creating an LLC change the structure from a tenants in common to a partnership?

Good idea, bad idea?

Our contractor partner has a deeper connection in that town and has a better idea of which broker/agent is the right choice. 

In general, copying off those already successful is a good idea. 

Probably a bad idea unless you can find a gem.

Would it be a good idea or bad idea to find out where the end buyer get their comps from?