Clearly define the parameters of the partnership and especially the contributions and duties.  

If you can find a great deal, there are options to get this financed whether through hard money, private money, or partnerships. 

This would likely be something like a 90/10 or 80/20 split in terms of cash down.Does each member have equal rights in the partnership?

Purchase price: $210,000 Cash invested: $50,000 Purchased this one in a partnership with my father.

So I have bought my first 3 properties in the last year all with partnerships and different loan structures.

Since this is my first Partnership situation, does anyone have any real-life experience with these types of Partnerships and how it’s worked out for you?

I'd like to have a partnership be more organic/symbiotic, where we actually partner and maybe I do more of the sweat work, market research, find the deal, underwrite, negotiate and paperwork, then do asset management and see business plan through(wanting to do value add) and the mentor just be more a bird on my shoulder watching over me and guiding me.

Hi - I am seeking legal advise on how to setup JV's and to understand tax implications when partnership is dissolved.  

You can also never add more funds to that partnership in the future to my understanding.

If you can find great deals, there will be funds for those deals either through hard money, private money, partnerships, or investors, even with a less than stellar FICO score.