@Austin FinchOnce you have non-spousal investment partners you really do need to have a legal entity, whether it be a partnership or a LLC. 

She just helped me do a 1031 exchange out of a partnership where we wanted to do pretty much the same thing you are referencing. 

Then you simply have to find a private lender or investor partner who will bring the down plus renovations for example.Alternatively, create a JV or even a partnership llc to give equity.

You need to file a partnership return and it will generate a K-1 that will show income and loss for him. 

A property manager in the market you are interested in investing in will be an excellent resource as well.There are many ways to finance a rental property including traditional bank financing, seller financing, hard money, private money, partnerships, other investors, etc.  

Are you looking to invest on your own or as a partnership? 

It is not a REIT or some kind of fund you sit on and gain interest, it would be an active partnership among contributors.Rules:1.)

Hi everyone, my name is Payson West. I am from the Dallas/Fort Worth area in Texas. I am just beginning my journey in real estate and had a few questions. Two other individuals and I want to start investing together a...

This LLC would then be the member for the new partnership llc.From a tax perspective it shouldn't matter.So, while your 3 member LLC might go away (sorry), you would have your "top lvl" LLC in place with any branding/marketing and perhaps credit intact. 

Does anybody have any partnership contracts in place that they would be willing to share?