I am willing to do what it takes to be successful and I hope to establish great connections and partnerships through this forum as well as help to empower and inspire others as well.  

Any ideas about how to structure the partnership would be gratefully received.

You gotta pull the trigger.

If her name is on this loan, and you or your partnership isn't paying, she's 100% on the hook for paying the loan.

Also, can passive activity losses from another activity like a restaurant partnership be used to offset passive gains from rental income?

A syndication or partnership may limit losses between investors by agreement, but to say losses can't happen and that the pricipal might be unable to pay under the agreement is entirely another matter.

I got that initial boost of confidence most newbie investors strive for, the decisions I made were based on months of reading, asking questions, making spreadsheets and analyzing properties in that market.The best thing I could take away from this experience is that sometimes being ready to pull the trigger is a lot more than just over coming the initial fear of bidding; sometimes it's about being prepared to do whatever you need to just to have that opportunity.

Entering an owner partnership on this kind of deal is too risky in my opinion.

I'm currently in Antioch, CA, and from my understanding, licensed realtors cannot choose to elect their llc as a S-corp, they will automatically be taxed as a sole-proprietorship or partnership, depending on how many members there are.

Whether through Partnerships, private lending, hard money, or whatever - it's probably time. 3.)