You and the other posters here have been generous in indulging me in this exercise of considering this "partnership" / BRRRR, but demonstrating that we can invest successfully on our own power before seeking out partners is not only my strong preference but just sound business logic.As a new investor my head starts to spin when I start to think about investing, and the many gaps in my knowledge reveal themselves: how to structure a partnership? 

I prefer it that way too as it aligns your incentives to maximize revenue. 

I can do that through charging points, but since I'm getting it at a lower rate than you could as a consumer, I prefer to mark up the rate while still being lower than most others in the market.

It simplifies the process since Zillow handles credit, income, and background checks for a small fee paid by the applicant.Background Check Services: If you prefer not to use Zillow, consider using services like MySmartMove or RentSpree.

>  Some LP want cash>  Some want alternative real estate>  Some want individual properties currently within the partnership. 

We have a 650 minimum , but prefer 700 

Taking the loss now is preferable to paying out monthly for the privilege of being a landlord.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

If the other party is a lifestyle buyer, he's going to prefer to own his own property rather than have an investment he/she can't control.

Also, in a mainstream asset class like value-added multifamily, I see no reason to take a risk on a sponsor that doesn't have full real estate cycle experience or that lost anything more than a small amount of money (and prefer no money lost).