Second Deal - Duplex with Equity Partners. Ownership Structure?

[Holden Latimer]

Hope I can get some advice on how I should structure my second multi-unit deal.

Quick background, my wife and I bought our first property, a 4-plex in Salt Lake City just over a year ago (FHA owner occupied loan). We renovated all 4 units, increased rents by just over 25%, refinanced, and are getting strong cash flow.

We were planning on waiting an additional six months or so to replenish our capital before continuing on to our next owner occupied deal, but a great deal on a duplex came up that I felt we couldn't pass on. After figuring out we probably couldn't finance the deal ourselves, I decided to raise capital and bring on equity partners.

We were able to raise over $80K in a day to cover the down payment and a $30K renovation budget. We will be coming into the deal with $5K and requested a 10% additional equity premium to manage the deal. We were able to put the property under contract and know I am wondering how I should structure the entity?

I have never worked with partners before so don't know what the best approach would be. I have basic understandings of LLCs and partnership structures, but would love some advice on which type is best in this scenario. Any insights, wisdom, or advice would be greatly appreciated!!

Thanks!