I've seen a few different partnership structures, but what do you see as ideal?

This is ideal.

He was overwhelmed at first with all the "insider" stuff: the 1031 exchanges, cash-on-cash returns, and figuring out what an ideal cap rate is, especially in a hot market like Dallas.

That can work for a lifestyle buyer but isn't ideal for an investor.

You need to expect some years where the numbers won't be ideal until the asset stabilizes.

I have always heard of the danger of a dual agent situation and understand why it's not ideal.

You would ideally want to buy in the downmarket for below market price (around this time of the year since its more of a buyers market) and then sell in spring when values are going to be increased and also have a sellers market (you could sell for above market price).

You also want to look at your liquid reserves because as you buy more rentals more PITI reserves are required and a Heloc can "Never" be used as an asset or for a PITI reserve.If you evver have any questions feel free to reach out I enjoy talking REI and I deal with them every day as  Banker.  

@Justin Brickman, I have an Ideal 5 Br, 2.5 bath in North East  SA, that would work great for Midterm/short Term rental that  I am looking to sell. 

While it's not idealic for us to be there, it's needed, if we can be.