Should I partner, and if so, how!?

[Ray Pope]

I've spent the last year or so learning as much as possible about real estate investing and I'm ready to dive into buy and hold. The point I'm at now is shopping for the best HELOC I can find. I believe I have about 75-100k in equity in my home. I want to have the most buying power I can have possible. Now, my fathers house is payed for and probably would appraise for about 180-200k. He has a 40k dollar equity line from years ago that he as already offered to me to use for my real estate ambitions. I can imagine the higher possibilities for me if I take him up on his offer or have him renew his HELOC with the new equity he has. My problem is, I don't want to use his money and not include him in the profits, plus it would help provide him with a way more enjoyable retirement. At the same time, I've always like to do things on my own, without the lending hand of others if at all possible. If I do decide to partner with my dad, using the equity he has in his home to purchase rental properties and build my real estate business, how does that work? He really isn't interested in being involved, therefore offering the money to me without pursuing any gain on his end. I feel he should reap the rewards of his investment, but I don't know a fair way to compensate him in the event I take him up on his offer. Should I even consider the partnership, or just do it all on my own?