Between refinances, life plans changing, divorce or partnerships falling out, people selling, etc etc, the average life of a mortgage loan is in the 5-7 year range, not 30.

By using some of the legal tools available to attorney’s like creating companies, LLC’s, partnerships and using asset protection trusts you can place your assets out of the direct reach of a creditor, while still maintain use of those assets.

We do not have a enough money to put down a conventional 20% as of yet so therefore are looking to do an FHA Loan.I have been pre approved for an FHA so want to get going however wanted to see did everyone have any experience with the eventual switch to an LLC to a partnership.

I would love to hear from those who got into real estate investing with a friend as a partnership for a multifamily home.

A partnership like this can be structured any number of ways.

On the other hand, if you don't need the section 121 exclusion, a better setup (to avoid double taxation of the corp income for your partner) would be to create a partnership LLC where you contributes your home and your partner contributes his money.

Most LP partnerships will require you to take an interest in the partnership that owns the real estate rather than the real estate itself.  

I agree with @Derek Carroll on the distinction between properties that are outright mine vs those I manage or am in another type of partnership with. 

If I were to go into a joint venture or short-term partnership, should I go in as an LLC? 

Once you have a handle on all the outcomes of this partnership go to an attorney and ask for their help.