My initial thought was to form a 50/50 partnership/LLC where we split work, profit, etc.

They are depending more and more on public-private partnership to manage their public housing. 

Sounds like you're putting in roughly 75% of the funds, combo that split with who sourced the deal and who's operating the deal to come up with a fair long-term partnership.

It can also mean becoming a member of the General Partnership as opposed to the Limited Partnership.

They would be taking on 100% of risk for 50% of profit, not fair in my book if I was in your shoes.As an example, I funded a deal via partnership (mini syndication on one single family home) where I had zero money in the game but I did bring to the table a lender who funded 80 or 90% of the acquisition price and the "partners" who were silent (only involved via financial) received 65% of the profits at the end.

If a friend and I use an FHA loan to invest in a rental property, do we both need live in the house for a year? I am a college student who has the money and credit to invest in my first property, but not the income ne...

I'm formulating the idea of passive partnerships for essentially the BRRR method, generally for my grown children. 

I did a partnership with my dad and my brother for my first deal because I couldn't afford 25% down but I KNEW I NEEDED TO START! 

Unlike an LLC taxed as a partnership or single-member LLC, you cannot add any corporate debt to your basis. 

When I explored partnerships, I wanted to find people who complimented my skillset.