We have three contracts that close Jan. 15th, so we did not have a partnership agreement (pre-nup haha).A local closing attorney will probably have a template if you go the general partnership route. 

Along the journey, you'll have found someone with similar but complementary knowledge who will benefit from a business partnership.

If you are talking larger, then getting in at that level is possible, but likely will require partnership. 

Lets call that the :( side.2) And there is the happy side... passive income (syndications, passive partnerships ie medical/dentist offices) and passive losses (depreciation, bonus depreciation via cost segregations common in syndications).

That also includes if your family member or a company in which you hold interest (like a partnership LLC) is the buyer or seller of the property.

As far as the partnership goes...

While I just met the owner I didn't think it would be right to propose an on the spot partnership with him haha.

@Cheryl MooreYou created a post a couple months back regarding establishing partnerships. 

Or is that solely a function of most REPs running their rentals taxed as a corporation, rather than as a partnership, forcing the income into the W2 category other than owner shares paid?

Partnerships?