You will automatically be treated as a partnership for federal tax purposes.

Partnerships are challenging and the more partners you have the more challenge their will be. 

Maybe network a bunch and find some investors interested in a partnership on a $300K house so you only need to put $30K in and spread the risk out and have more capital to deploy later.

Write out an agreement including exit conditions for the partnership.

I'm curious about how we should manage our partnership on this deal.

@Trevor Aydelott I like to keep my partnerships simple, but in general, I don't like any partnerships.

That would be a super straighforward way to become a valuable member of a partnership using skills, network, and resources you've already built up!

This makes two things happen - We're able to separate the assets from the operations, and if we ever needed to sell quickly, we can sell the LLC that holds a property, and its a faster disposition than having to sell the underlying asset.Roles: Even if you're partners (50/50 - anything else that isn't split evenly isn't a true partnership), there needs to be a boss.

@John StanleyThe structure for every deal will be different - This is something you want to consult with the specific platform.You may get a 1099-DIV or a K-1.If you are a partner in a partnership, you normally are entitled to a share of the partnership's income which includes depreciation taken at the partnership level.One thing that most investors don't consider when getting into an investment - They don't realize if they may or may not be exposed to additional state filings as a result of their investment.

Connect with other members too esp in your target area, DFW to learn from their success stories and experiences and possible partnership.