Depending on our level of activity with the partnership, you may need to carry the loss forward.You also want to make sure what states the partnership does activity in.

Most people go into a partnership very optimistically but many partnerships do not end well. 

Partnerships in such things go a long way into deciding which numbers work for me, and if the deal is best bought and held, or sold to the first in line.I have intentions of perhaps leading the property to a carwash chain that has entered the area.

And as a lawyer you are best equipped to draft and have a commanding knowledge of the contracts for exactly this. i would suggest focusing on shorter term bridge financing type situations, and structure them in a manner more akin to a strategic partnership than a lender lender one as an added focus and goal will be REI education, keeping involved in all aspects possible as you will be able to learn from others works, and risks for that fact. 

More importantly though, I would like to know how me and my business partner can avoid difficulties that come with partnerships. 

Or a Partnership in a LLC? 

If anything is not consistent like reserves, net worth, ownership or partnership changes, occupancies etc you could be in technical default.   

@Chris ArceMany new partnerships are thrown off by the tax and accounting compliance requirements.

Aside from partnership, i.e. bringing capital to a deal, I would not trust a family member to "take care of things for the property" unless they are actually a property manager or experienced investor.

Tax wise, you'd most likely be forming a partnership if your parents contribute equity (unless they are just gifting you some money).