The best example I can think of would be if one of us took out a loan of some kind in the partnership name, unknown to the other (say he went and bought a new Corvette in the partnership name....not likely since we both drive used sedans, haha). 

Is there anything inherently wrong with my first purchase being a partnership investment property while I am still renting my home?  

Treat it like a legitimate business partnership.

Syndication is more like a partnership on a specific deal.

My idea is to create a sort of partnership with homeowner.

There are other avenues worth exploring, but it may come in the form of a partnership.

I know many of my partnerships I do today are with clients I sold something to 10 to 30 years ago..

So it is a general business partnership, you are taking much more risk than your 50/50 partner. but it is your dad so i guess it is different story.Talk to your lawyer and explain in details how you split your profit, asset, and debt.

It can trigger gain if the partner's outside basis in the partnership is less than distribution.

@Dj Larsen @Michelle Wong  @Kris MarmolIf you folks come up with a time and place in Coco County it would be great to meetup and talk, share ideas and network.I went to a meetup at a church in Walnut Creek a couple of weeks ago that had about 20 people there....in the meetup it said they will teach you how to invest out of state with 9-14% returns.....turns out it was a pitch for a turnkey company that is based locally that has a partnership in Cleveland.