I'm eager to contribute to the community and share my own experiences as I learn and grow.Feel free to connect with me on BiggerPockets or send me a message if you're interested in chatting about Cleveland real estate!

Real estate investing is a journey, and each decision you make contributes to your growth as an investor. 

I think they should always be in a strong financial position, but they should also be contributing at least some of the money.

That is why we are contributing in this forum.

I am willing to assist with research, analysis, and any tasks that can alleviate your workload or contribute to the success of ongoing projects.

Since you self-manage, create a shell property management LLC and run your rentals management through it, charge yourself pm fees, thus generating self-income, thus being able to open Solo-401K where you can contribute 56K+/year tax deferred  (you will have to pay self-income tax, but might end up better than paying full tax on rental income...check with your CPA as this requires planning).

If the third partner is contributing money, do pari-passu.

A member or manager is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation or other liability of the company solely by reason of being or acting as a member or manager.

So if I contributed some money to my dad when he bought an investment property - I made the PSA deposit during the transaction.

If you contribute the property to the LLC, then there is no gain / loss on the transaction.