Bringing in a partner

[Josh Sellers]

Hello!

My wife and I are closing on a 4plex in which we had initially planned on partnering with a friend of ours but we were advised to just take the loan as tenants in common and leaving out our third partner with the idea of bringing them in later.  I know there's a lot of information talking about partnerships but they seem to lack some fine details for actually executing. 

My questions are:

1. How would the other partner buy in? Would we have to change the title to an llc or a relp? 

2. Would we have to pay taxes on the money they used to buy in? 

3. How do we disburse payments from cash flow?