I spent two years soaking up as much information as I could before taking the plunge and purchasing my first SFH rental in May 2017 in a partnership with my sister.

@Zachary SextonYou will get a lot of good advice about how to structure the partnership, but I think the most important question is if your share of the $250 monthly cash flow is going to be worth the {significant} stress of a new partnership, on top of those already present from entering a new OOS market.

Hi Victor, I'm in a similar situation, but am trying to lead-turn the problem by building a base of investors who would want to structure a partnership with me through debt or equity.

It sound like you have no experience with being a General Partner.To do a limited partnership I you must have an attorney and there are many laws you have to abide by.

For example, ”Section B3-3.2.2, Documentation Requirements for a Business” in the selling guide includes the following:“Borrower’s Proportionate Share of Income or LossThe borrower’s proportionate share of income or loss is based on the borrower’s partnership percentage of Ending Capital in the business as shown on IRS Form 1065, Schedule K-1.The lender can only consider the borrower’s proportionate share of the business income or loss after making the adjustments to the business cash flow analysis discussed below...” 

I'm ready to do some real marketing and get a partnership going.I'm looking to work with divorce attorneys.

If its a good deal you can get a loan from anybody in the Private Money lender or a Partnership. 

My wife and I do not earn very much money right now but we have been able to save quite a bit so the 30k to invest in the partnership would not break the bank.

I’m looking to do partnerships in which I have control and give returns to investors.

This is rare.2) Whether you have the income coming in through an LLC or to you personally generally does not have tax implications (assuming the LLC is structured as a partnership or a sole-member), that is primarily for legal liability considerations.