Canadian and US resident with LLC
For example, I am confused about tax implications for Canadian's having an LLC in US.
Technically anyone can be a member of an LLC, so you can form one together with your American partner and own a real estate property though it.
As far as taxes go I do recommend you to consult a CPA who will be in a better position to explain how it works in your specific case. We also have a free tax webinar designed for non-U.S. entrepreneurs where you can learn the basics of taxation and get a chance to ask questions.
In general, when the time comes to report the profits of the LLC you would file a tax return, and the LLC would issue K-1 to the members, listing personal distributions of profit. A K-1 is used to report your income on a personal tax return, for which you would need to obtain an ITIN (individual tax ID number), which is usually obtained simultaneously with filing your first tax return.
Finally, you would need to report your US profits (and US taxes) on your Canadian return and the tax paid in Canada would be calculated along the lines of the tax treaty between the US and Canada.