Family Loan Vs Family Partnership

[Jameson Collins]

Hello all thanks for reading, 

I am working on BRRRR deal that is going to involve cash from my folks.
Here's the scenario briefly then ill get to my questions, 

Original plan, folks are going to contribute purchase price liquid. I will make purchase/rehab/stabilize rental.  House will be owned free and clear for a few years until folks want money back to purchase new primary residence. I will manage property and receive all monthly income. after a few years I will finance the property with the equity position I am shooting for. 

My questions are about Loan vs partnership. 

If folks made purchase and held title would me receiving all rental income get funky? Need to establish legitimate property management company? Could we just set it up as a partnership where they held equity and I managed property for the income?

Would it be better for them to just loan me the cash for a few years, we hold title and can repay them when we cash out? This seems to be the easiest and most tax eff. but I only say that because I don't know enough about partnerships. 

Let me know if you need numbers or anymore info. hopefully what I'm asking makes sense. 

Thanks again for looking!