If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

It's not fool proof but I've weeded out a lot of people this way without spending money for marketing. 

It's not free, you have to spend your precious time to do this.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

Spend the first few deals just listening and asking questions.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Write it up to an education, spend some time sharpening your support team (particularly in the trades) and start thinking about how you can do it again!

The successful wholesalers spend $10k + monthly on marketing3.

Spend at least 2 hours per day researching online about your desired investment strategies.