I'd suggest using Joint Ventures in stead of partneships.

Everyone becomes a Joint Venture (not a partnership) on the investment for legal, tax and sanity reasons.Buying an inexpensive property in Cleveland is an interesting approach.

For example, you can invest in real estate in any state orcountry, raw land, rental and commercial properties, condos, mobile homes, boat slips,machinery, livestock, start a new business, buy mortgage notes, loan money earning interest, taxliens and tax deeds, joint ventures, LLCs, mortgages, franchises, and more.All of these have to be handled strictly as investments through a company that specializes inself-directed IRAs and cannot be used personally, which means that anything bought with yourIRA is owned by your IRA, not by you personally.

Thank you.You may want to get your feet wet by becoming a private lender and getting 12% return by doing joint deals like we do with our investors.

Most people, when we sit down and go over actual numbers decide that simply joint venturing with me for a greater return and less hassle better suits their goals.

Sure, people like me use private money from people like you as a Joint Venture and teach people like you investment strategies while you get a nice interest on your money. 

A motivated seller is anyone that falls on their knees, begging you to please please PUHLEEEZE “buy my house right now fast for cash now, otherwise I will explode into a million pieces and die the most horrible death with stinky breath”!

Any advice would be appreciated.First, you don't want a partnership, you want a Joint Venture.Second involve an attorney.Third, reread 1st & 2nd. 

Our money is invested jointly because we believe in each other and even though I've always made a lot more money than she, it's 100% hers and 100% mine. 

During the due diligence period, Seller provides a positive test for asbestos in the joint compound.