A lot of my concerns can be resolve through further discussions with him, but I wanted to run by the BP Forums to see what I should be wary of before I jump into a new partnership - make sure he isn't someone I do not want to be associated with. 

Hi everyone, I would like to have some advice, I'm 21 years old, I live in Miami, I read almost 15 books of real estate investing, but I have never been able to start investing because I have only 10k available, I was thinking to start with a partnership, to share the risk, make it more affordable, and even learn more from others at the same time. if you agree, what kind of partnership would you advise to me, and if you don't what would you do in my case? 

You know them, then establishing a partnership through an LLC is appropriate, but since you mentioned loan, you're LLC won't be able to borrow any money. 

So essentially, as long each of your (up to four) partners have some sort of active role in your partnership, even a small one, you can partner up with them via JV (joint venture.)At the end of the end, always consult with an attorney.

My gut tells me to make the deal and let the new buyer take on renovation risk, and roll my approx $130,000 share of profits into another, larger project on my own and not in a partnership.

If the other deal is too good to pass up, maybe look at a partnership with someone who can afford to help you out.

I am the scaredy cat in the partnership and am honestly terrified of making the jump to action so I'm working very hard to get over that.

I would to stay in the OC area, but am open to other areas of So Cal with the right partnership since I don't know the areas well.

I chose happiness and quit when my boss offered me a partnership( I knew if I accepted I would be there for life).  

That's a nice zero sum equation.Some of our investors have figured that one out and go into informal partnership with their heirs at this point.