So if the partnership would not be allowed to purchase the entity together and I were to buy it, if we were to force our way down this road, would be to set up a legal agreement beforehand, I would buy the property since a partnership can not, and then the exchange for  ($$ + assigned roles + etc), my partner receives 50% equity?  

The fact that their documentation is not clear and they are in a hurry to move is a big red flag.

https://www.biggerpockets.com/...12 Frequently Asked Questions (And Answers) About DSCR Loanshttps://www.biggerpockets.com/...8 More Commonly Asked Questions and Answers to DSCR Loanshttps://www.biggerpockets.com/blog/eight-questions-and-answe...What Documents Do You Need for a DSCR Loan?

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Document everything. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

It is important to have a document which spells out the type of wood to burn which is signed so that there can be no misunderstandings.  

This was also confirmed when I went there to submit the required documents, but they couldn't give me a proper timeline on when it would happen claiming that they were backed up. 

2.WHAT OTHER DOCUMENTS SHOULD I ASK THE HOMEOWNER TO SIGN?

Overland Park, KS vs Kansas City, MO) Very landlord friendly, worst case eviction is usually 8 weeks + $500 + lost rent (cannot comment on individual cases and this is not legal advice) Large diverse metro area - variety of jobs, companies, people can have a career in KC.