Makes for a great partnership. 

You should feel that a partnership exists between you and your PM, not a relationship of "I work for you, or you work for me".Check out their reviews online, off of their website - where tenants can leave real reviews.

We would like to structure the deal through a promissory note that states all of the terms and partnership structure.

For NJ law, see: https://www.caplanschool.com/t... and look at Par. 6 (f), which states "(f) "No licensed individual, partnership, firm or corporation shall enter into a “net listing” contract for the sale of real property, or any interest therein.

We have been renting this property and filing partnership 1065 form. 

This is just one of many other possible reasons why such partnership with "disqualified person" is a problematic or could even be a "prohibited transaction".

I am how ever apprehensive of beginning any sort of partnership with a wholesaler because of the legal ramifications that could follow.  

In addition to all this, I may create a partnership with my brother (and possibly our mother) to invest in additional properties that would become part of the portfolio along with the current 1bd unit.  

(Legs on the ground) JV partnership is also an option.

Hi @Courtney Redfern, it sounds like a jointly owned LLC or similar entity structure would be fitting for you (subject to a tax pro or legal pro verifying this idea) and would allow for a simple, track able partnership vehicle.