They have accused me of endangering their child because of a poorly functioning AC unit, the cause of which was from them failing to change the filters for 45 days. 

From what I've seen, a fairly common partnership is one operator and one capital partner.

Is this type of partnership structure is common?

Forget the LLC all you need is insurance but most importantly you need a qualified lawyer to draw up you partnership agreement.There is no place for trust when it comes to business and money,  what you need is a air tight legal contract.

They have all kinds of locks that are electronic and Bluetooth functions now days.  

I just purchased a home for my family that we plan on living in and in my wife's mind, dying in, lol.So I'm thinking about trying to do a flip and use partnerships with friends and family to get started.I have a family member that has bad credit but has some cash and skills to being to the table and he is in the same town.

We will fund 100% if the deal and pay finders fees or for experienced rehabbers do a JV Partnership.

If partnership if something that might be of interest to you feel free to contact me as I am sure that my experience as a tenant that knows the area well and many friends that are current tenants in more than 10 houses off campus could be of value. 

Would i be able to move this property off of my personal taxes into a partnership FORM 1065?

It's a function of free market.