@calm technician
I would urge you, vociferously, to consult with an attorney and/or tax adviser in your state prior to proceeding with the transaction you are contemplating.
Different terms get tossed around, confusion ensues as a result, and there are instances where state law controls and is critical - and there are ramifications beyond federal and state tax law.
As a final thought, be advised that a "partnership" (whether dealing with real estate or otherwise) should not be conflated with "co-ownership". For example, there is a world of difference between a deed that states "John Smith and John Jones, as tenants in common" and a deed that states "Calm Technician Partners" (where you own 50% of that partnership).
