Have formed an investment partnership for a smaller commercial property? 

I have a rental property that is owned through my partnership LLC (my wife and I each own 50% of the LLC).  

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.