May I ask why you are not going to an Attorney to draft the partnership agreement and get legal advice?

im stuck on 3rd R of BRRRR.i bought triplex financed my downpayment and used total $45k to fix up now cant afford to refi cash out to repeat cause need 2-3 months of reserves ie $3500-4500 in personal not dba account. i only have dba and i spent it on fixing 3 unit and rehabbing my new personal residence. both have equity but no one wants do Heloc with me credit is 700. owe $79k on triplex ARV is eta $225k based on noi , gross rents $2995 net monthly is $1850, moved into 3 unit for 5 months while fixing then tried refi while living onsite but needed 1140 rent to meet debt 2 income ratio to buy primary residence and b4 moved out i  tried refi via VA but  told need make 6 payments first. so i hunt for portfolio lenders...no luck yet tried 4 in Maine. once moved out tried refi triolex conventionally with veterans unlimited, and quicken loans. both failed me on dumb minutiae wasted 3 months.now spent all my original financed money to fix up triplex and rest money to buy, move and rehabb my primary and now have no reserves. im living off my rent incomes. cant save up need buy 6-8 unit need 25% down plus rehab costs.sitting on 3 acre river front 1500 sqft camp with 2 barns 35ft from river that needs rehabbing but owe $52k ARV is $190k. holding is $550 month, needs $50k rehabb any lenders offer no reserves and 100% besides VA and no seasoning?

I would recommend how to raise money legally and Partnership forming. 

3) if there’s decent equity after his and others’ sweat and material, and he wants to take on the challenge, he’s back at step 1; seeking real legal counsel on his standing with the lender(s). 

There is no legal way around that.

Their value went down, then it went back up to par, and now they have had 10 years of debt reduction on that loan to build 10 years of equity. 

I’m currently working a day job to pay off the rest of my debt (which I’m close to finishing).

@Daniel Caraway You need to find out what the legal use is shown at the city's Building Department.

I have been in debt with over 46.000$.

I love RE because it's helped both my husband and I find the motivation to get out of debt and have a wonderful financial future.