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). 

I am structured as an multi-member LLC partnership with my spouse.

My advice...walk away and engage a real CPA.It's unclear from your post whether you're dealing with a partnership or not as you mentioned "we" but you may have been referring to the "royal we"

Based on the info on their web site it talks about funds and limited partnerships for direct ownership. 

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.