You do not need a partner....

Thanks to great resources like Bigger Pockets, local REIAs, as well as Facebook and the internet, you do not need a partner on deals. My experience with partners is as follows:

• The list of duties and responsibilities changes - Are you up to doing all the work if your partner lets you down?
• Money is not an issue - There are so many sources of money, 401ks from friends and neighbors, sources online, family members, so many people with better options. 
• Complaining is a problem - My partners to date have all been professionals, doctors, lawyers, but they never seem to get dirty, they never seem to be at a job site, they've never seen a tenant. They cannot balance a checkbook, so why give them part of your business?

Partners talk a big talk, but most never follow through. Put up or shut up is a favorite saying as actions speak louder than words. Impress me, show up and work with a tenant or a contractor, get down from that Ivory perch in the sky. Yes, there are some "silent" partners and I've had them in Hard Money, they are great, because they are SILENT and they provide liquidity without the chatter. 

Do not ever, I repeat ever, make a Doctor, a Lawyer or some other sort of "Professional" an equal partner. They spent years in Dr school to be a doctor, so what the heck do they know about property management? What do they know about the law? Why would they be in the business as a 50/50 partner when they do nothing but provide the money? For these professionals, setup a separate company that is a money company. They can get returns on the capital they invest with you. Talk to your CPA about it. Yes, they are professionals too, do not have them either as a partner, use them to manage your money. 

Do not ever use commercial paper on deals. Who wants a 5-year term? Build a track record with single family homes, either fixing and flipping or buy and hold, to show a bank you have a good solid track record. They want to trust you with their money. So earn it. Never get a deal on 5-year commercial paper. Keep looking, keep shopping, find a better deal out there. Commercial paper can be bought and sold to "Vulcher Capitalists", who can then make your life hell. They are the new bank and they have no sympathy. They would rather you default so they can take over properties and then sell for big cash. Never work with Commercial Paper, it will sooner or later lead to problems. 

Recourse vs non-recourse paper. Get Non-Recourse loans when possible. These are tied ONLY to the property. Yes, the LTV is lower, but the risk to you and your assets is also lower. Most non-recourse, I have seen, does not feature that "personal guarantee", that is what they use to come after you, if you ever need to mail the keys back to the bank. You want non-recourse stuff that is tied ONLY to the property. You cant pay back the note, the house goes back to the bank. Its less risky, you will have less cash, but fewer potential problems too. 

Then there are the obvious ones - No money up front to a CON-tractor. Get references on vendors. Shop around for the best deals and rates. Keep talking to people here on Bigger Pockets to work stuff out. We all make a difference. I love this site, and I love what it teaches. Real Estate can be a lot, and people think there are lots of moving pieces, there are, but they are manageable.

For me, I am selling the last of my "partner" houses. I recently paid off the note on the last property with Florida Capital Bank. My "partner" David Boyd, a Doctor in Jacksonville, is ticked off that I paid it, because he thinks he is entitled to his cut of the profits now, when the property has not sold. He is wrong, and he should read his agreements. I have 120 days from the date of the agreement to get the property sold and pay him. No, partners cannot read either, so be wary of that issue too. 

The best thing I did was buy some properties in my 401k during the 2012 and 2013 years. I create rent to own solutions and have seen these properties skyrocket in value by 600% and they still are rising. Real Estate is not a complex investment strategy, you buy and you hold and you create passive income. Its an easy process. No need to make it complex, and no need for a partner either. 

Good luck in your real estate investing!