My question is this: if I have debt currently, is it really a good idea to pursue finding a joint venture partner?

One thing I have seen done with a lot of success is implementing a venture specific LLC for a deal involving multiple parties.

Now, I personally, would never start out a new venture by taking risks like that.

When I sit down with clients, I always discuss (1) their personal assets, and (2) what their current investments portfolio and other business ventures are before discussing (3) their future goals.

Good Luck on your future ventures!

If they are passive partners (just investing money and not participating in the venture), and you plan to pool funds, you are treading into SEC territory and potentially offering a security. 

This is in one part a way to finance my investing ventures as well as a fall back should everything go South (Fingers crossed).

I am hoping to breach the condition of paralysis by analysis and finally get started on my highly anticipated/researched venture into long distance real estate investing.

If you ever make it up, or find something up here let me know.I haven't yet ventured to MSP investments as of yet.

And while I agree that first flips may not go well, I disagree that it is a reason to avoid family and friends who are eager to support your venture.