Also are there ways around this if I have a partnership and they co-sign or own half the property with me will that work if they have superior credit?

My wife and a relative of hers have a partnership in a rental home (owned free and clear); once the current tenants are out, we're going to do a major gut and renovation. 

For example, one partnership that closed out we have an average of a 13.7% cap rate during our 4.5 full years of ownership and a 39.6% CoC. 

If your short term plan is based on lack of access to capital then you may want to trade your time for partnership with person with money and get over that hump! 

Especially about the formation of partnerships and things we need to do asap since we kinda just jumped right in.

Another option is saving up more money to buy larger deals through partnership. 

As such, it’s automatically is taxed as a partnership so you’d file those tax forms.To finish the story, you can elect to be taxed as a S Corp which is another passed through entity, or as a C Corp which has its own tax filing as a corporation.From what little I understand of your desires, sounds like the simple partnership is the way to go for you

Purchase price: $276,000 Cash invested: $13,500 Partnership house hack with brother.

Purchase price: $276,000 Cash invested: $13,500 Partnership house hack with brother.

Purchase price: $276,000 Cash invested: $13,500 Partnership house hack with brother.