Is it a good idea to use this money to get started in real estate investing or is the better route trying to find a partnership?  

We are not planing to open an LLC or LLP (this partnership is temporary). we are just putting our money together for the first time to work on a deal. 

To expand the network through partnerships in order to improve my net worth.

Two, what other "assets" can you bring to the partnership?  

Could make for a great partnership. 

Oh... you mean what they call a partnership? 

Looking for some help creating a business plan for a partnership/LLC with the goal of buying single family homes near college campuses in Indianapolis Indiana and renting them.We would be glad to have any advice and/or template help you may be able to provide.Thanks,Greg

Yes, initially looking to build good TK partnership.

Also, before suggestions are made to just get an umbrella insurance, I am also using LLC to create a partnership so need LLC not just for liability coverage. 

Here's his response:Michigan law defines real estate broker broadlyReal estate broker” means an individual, sole proprietorship, partnership, association, corporation, common law trust, or a combination of those entities who with intent to collect or receive a fee, compensation, or valuable consideration, sells or offers for sale, buys or offers to buy, provides or offers to provide market analyses, lists or offers or attempts to list, or negotiates the purchase or sale or exchange or mortgage of real estate, or negotiates for the construction of a building on real estate; who leases or offers or rents or offers for rent real estate or the improvements on the real estate for others, as a whole or partial vocation; who engages in property management as a whole or partial vocation; who sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others; or who, as owner or otherwise, engages in the sale of real estate as a principal vocationMCLS § 339.2501The exemptions are pretty limited:This article does not apply to an individual, partnership, association, or corporation, who as owner or lessor or as attorney-in-fact acting under a duly executed and recorded power of attorney from the owner or lessor, or who has been appointed by a court, performs an act as a real estate broker or real estate salesperson with reference to property owned by it, unless performed as a principal vocation not through a licensed real estate brokerMCLS § 339.2503Essentially, if you are performing these services as a primary part of your occupation, Michigan law requires you to be licensed.