Anyways, on my latest project, the title came back yesterday and revealed two extra parcels of land deeded to the seller under the property I was under contract for.

You and the other posters here have been generous in indulging me in this exercise of considering this "partnership" / BRRRR, but demonstrating that we can invest successfully on our own power before seeking out partners is not only my strong preference but just sound business logic.As a new investor my head starts to spin when I start to think about investing, and the many gaps in my knowledge reveal themselves: how to structure a partnership? 

You've come to the right place - I suspect you'll receive many, similar messages from others in the community and a variety of offers to help.Have you looked into fix & flips or long-term rentals (aka BRRR)?

We are looking to buy a condo in Chicago as the new rental, for a variety of reasons, but most importantly because it would rent better in the city, and it fits our desired price point (so we can allow for the rest of $$ from the sale for paying off their Oregon home and pay all, or some of the taxes on the boot). 

Joel is revealing how much money “leaks” out when operations are not prioritized, and how much the bottom line can be enhanced when it is.   

Then connect with a variety of investors until you find the specific type of real estate that you want to do.  

They do not want to reveal the money trail (true source of funds).

Typically a broker will work with at least 10 DSCR lenders so they should have a variety to reach out for quotes to. 

I’d recommend listening to the straight up Chicago investor podcast for local information, going to the variety of meetups that are in this great city, and meeting a lot of the people posting here. 

An article from The Mortgage Reports explains:“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals.