I am just worried about getting a loan for my own home if my debt to income is too high.  

At times they also limit debt levels.  

It is usually 5 to 10 years before they start retiring that debt and doing really well with extra cash.

@Duard Clark @Randy  AND you should be able to see what debt obligations are.

I'm trying to decide whether to restore it or tear it down.

@Jeremy Walker I don't mean to burst your bubble but you wife's income won't change your DTI for several years unless your plan is to use it to pay off debt.

I do understand that the interest rate is typically lower for a 15 year mortgage, but if you can afford the note on the 15 year mortgage, you will actually pay the debt off faster by financing it on a 30 year amortization schedule because each payment would be an overpayment due to the lower monthly payment requirement for a 30 year mortgage.  

My goal is to help my parents with retirement, help loved ones through educational costs, and work towards alleviating my own debt.

If you were recourse having 3 million in debt for a personal guarantee would not be fun and could stifle investing for years to come. 

Partnerships, from what I have read, seem to be used more along the lines of smallers business that do not incur debt in the ordinary course of business.