Buying a rental w/ a partner: Business options??

[Andrew R.]

Hi, I'm looking to go in on a rental property w/ a partner, I'm hoping for some tip and pro/con on different organizational structure: Details--this partner and I own our current residence (30yr mortgage, not married, we are on title 50/50 right now. We are looking to start small and purchase 1 investment house around 100k (So not a huge business!), We will use a mortgage and split all expenses and earnings 50/50. So, we would need a business arrangement that would allow us to qualify for loans, get insurance, and to earn some individual money from the proceeds. Tax advantages and liability protection issues are important, as well as keeping costs low--LLC fees are very expensive in our state. What about LLPs? Partnership? Thanks for any and all leads!