I am just worried about getting a loan for my own home if my debt to income is too high.  

At times they also limit debt levels.  

It is usually 5 to 10 years before they start retiring that debt and doing really well with extra cash.

@Duard Clark @Randy  AND you should be able to see what debt obligations are.

@Jeremy Walker I don't mean to burst your bubble but you wife's income won't change your DTI for several years unless your plan is to use it to pay off debt.

I do understand that the interest rate is typically lower for a 15 year mortgage, but if you can afford the note on the 15 year mortgage, you will actually pay the debt off faster by financing it on a 30 year amortization schedule because each payment would be an overpayment due to the lower monthly payment requirement for a 30 year mortgage.  

My goal is to help my parents with retirement, help loved ones through educational costs, and work towards alleviating my own debt.

If you were recourse having 3 million in debt for a personal guarantee would not be fun and could stifle investing for years to come. 

Partnerships, from what I have read, seem to be used more along the lines of smallers business that do not incur debt in the ordinary course of business. 

Real estate agents, mortgage lenders, title companies and escrow companies are familiar with harried changes to the HUD-1 closing statement and to mortgage documents, which changes often lead to aggravating delays and additional costs.As of August 1, 2015 our closing table dramas are scheduled to come to an end.The Real Estate Settlement Procedures Act (RESPA), Federal legislation enacted in 1974 to protect consumers from unscrupulous and confusing real estate practices, is changing in several significant ways.