We drew up a partnership agreement outlining share percentages, roles/responsibilities, clauses in case of death or incapacity, Right of First Refusal in the event that we want to dissolve the partnership, capital call provisions (needing additional funds), written approval from members for expenditures over "X" dollars, etc.

I have some questions regarding what we should do about the partnership and also what are our best options.can someone outline the steps we will need to take in order to make this successful?

I want to outline our plan, purpose and responsibilities.

Connect with me if you want more info, and in fact I just did a webinar to my local Meetup group here in Seattle which outlines the tools I use to run my note business as well as multiple SFR flips and rentals. 

What I would not do is break it up over anything more than 3 months.Also, you need to add language to your lease, or add an addendum, that they sign/initial, etc, specifying that if they fail to submit the total security deposit as outlined in the agreement, that you have the right to cancel their lease immediately.

I provided a stack of deposit slips when we signed the lease and outlined expectations on how rent will be paid via deposits into my account.

Meaning you want an agreement outlining the terms of payment for your time and then a security deed (or whatever Cali uses) securing your cash investment as a loan so he cant sell anything without paying you. 

I am not sure what the new loan will look like, i.e. will it be a 40 year loan, etc. the interest rates for the loan were outlined in what I read and will fall between 2% and the fully indexed amortizing original contract rate or the Freddie Mac primary mortgage market survey rate for a 30 year fixed rate.

Uri,Are the course outlines public so that people can see what info is covered in each class?

I would put together a one page summary outlining your rebuttal request.