How do you structure a great partnership?

[Sebastian Bock]

Hey Bigger Pockets, thank you for all the wonderful information you guys have provided on the forum. I’ve learned a lot these past few months from reading, listening to the podcast, and browsing the forums. I just had a question about a topic that doesn’t get much attention. 

Partnerships. 

How do you investors structure your partnerships? Lately I’ve been doing a lot of research on my market and my goal is too buy my first rental property in 2021. However let me throw the cat outta the bag, I don’t have a whole lot of money. I’m only 20 years old but my credit is great! My goal is too find a deal that cash flows and hopefully propose a partnership with someone I personally know, my papa. He’s understands the market and owns some rentals himself. He’s even done a few flips but I know he’s a buy & hold investor. 

So, how do I structure a partnership with someone I personally know and use their money to fund the deal? The leverage under the criteria I have is too house hack and too live on site. I’m a maintenance technician so doing general maintenance on the property would save my “partner” the hassle.
How do I make a partnership sound appealing too him? Also what do y'all think about LLC partnerships?

Thanks!