Have you ever been part of a long-term investing partnership?

Offer to make improvements and manage it as your end in the partnership with your parents, splitting any profits when you sell. 

I would just avoid anything like a general partnership - essentially a handshake.

Later I was making an OK living, but a funny thing happened, after  doing a partnership and adding a property every 2 or 3 years I had an epiphany ( I have always wanted to use that word in a sentence) I could actually make enough money to provide for my family and eventually leave the massively high stress job I was in. 

I am not 100% sure but I think a hard money loan would qualify also...You can even refinance as an individual, LLC or partnership where you together own 100%. 

There's no where near enough info here to make a determination.Is the LLC filing a partnership return? 

With either of these, you are in and out without committing to a longterm partnership (ie buy and hold).

Given my goals, I'm not so keen on partnerships, although I would be willing to consider this if the context works for me.

The simplest thing to do (if you want to go the equity route instead of debt) will be to set up an LLC (partnership), with a basic company agreement.

I understand then I will have to apply through the IRS for a EIN and then file the partnership with a 1065 come tax time.