I did partnerships with my parents on a few houses now I am on number 3 of my own.

It's not a balanced partnership at all and because he is in the place, he will feel that his decisions are better.

So my question is how do we properly structure our financing and refinancing for our three way partnership?

I graduated over 20 years ago and still a high percentage of the deals I make/partnerships I form are through connections I made in college (and we didn’t even have social media back then, we had to keep in touch after school by calling and emailing each other the old fashioned way).

Have you considered structuring yourselves as a partnership?

This looks pretty much true if a single member LLC or multi member (thus taxed as partnership).

In your example if you and your partner have 5 regarded LLCs (the LLC is taxed as a partnership and files its own tax return) then you'd have 5 opportunities for the LLC to sell the property and purchase multiple replacement properties. 

Probably an LLC taxed as a partnership is best. 

My friend and I are starting a partnership to split the risk.

That's purely an investor only, no equity stake.Offer a lesser percentage, but a percentage equity stake on any refinance or sale on the back end.Go 50/50 partnership and they bring the cash you bring the deal.