@Chris Lopez - I'm definitely great at overthinking things, but at this point I'm just ready to pull the trigger.

The advice is to hold for 12-24 months (2 tax returns), and then intentions change, and it can be contributed to a partnership.”

I’m wondering what a profit breakdown should be for 3 business partners. One member is doing a majority of the work due to having free time and their location. They will be going to the properties reaching out to cont...

https://www.biggerpockets.com/forums/52/topics/799535-rental-partnership-structure-questions?

Unfortunately, by the time I pulled the trigger to make an offer it was under contract.  

If you have an LLC (which is usually easier paperwork wise) , you just file a form 22 something to elect to be taxed as an S Corp instead of as a partnership.

An accountant would also be a good idea, as there are many tax rules for the treatment of passive income and partnership income.The following is all intended to be read hypothetically and not as advice to you specifically:In a general legal sense (again, not specific to your situation) this is usually a slightly more complicated situation than it might seem.

I would like to hear some options or creative suggestions, perhaps a partnership? 

I am not the "analysis/paralysis" type, the opposite - may tend to pull the trigger too quickly.  

My second option for my 1st investment deal is through a partnership.