B. if you do a partnership 50/50 for the house how do I protect myself from any problems that may happen in our relationship in the future?

I would also require the partner to come with an extra $3000-$5000 at closing to put into an escrow account for those emergencies (tenants destroy stuff, etc), as a hedge against a ruined partnership the first time something major comes up.

As a new investor (only have 2 rentals/fix & holds under my belt) and my credit not being good enough to get conventional financing for investment properties (no foreclosure or bankruptcies & I'm working on re...

Fair warning...I'm a newbie here.I've been meeting with two individuals in a partnership that have their own real estate investing company.They're willing to mentor me and help me through deals as I find the time available to shadow them and watch them work.They've taken time out of their schedule (10-15 hours thus far in the past month) to show me properties in various stages of rehabbing, staging, and have started to show me how to analyze deals.I've come across a property where I can buy it Sub2 and do an owner financing deal on it.

A multi member LLC is default a partnership but may elect to be taxed as a C or S Corp. 

You choose how you want the LLC to operate: as an S-corp, C-corp, sole proprietor, or even a partnership with someone else.

You can think that between you and the contractor can simply buy the house from the current owner so that ownership of the house is vested in a partnership of only you and the contractor. 

Do you have any pointers, for the forum layout and use, and any general advice for a Newbie.I am not sure where I should post any possible deals when I find them, or how any type of partnerships are created.I hope to eventually find some deals for investors on this forum, and continue working locally with my shop neighbor.

Partnership = Try partnering with the sellers themselves.Get the first from bank/lenders and second from seller = Unless you really, really, really want this deal then go to a bank to sign personally for a loan.- John

We would set the partnership up in an LLC where I am the managing member and he is the silent partner.