Newbies wondering how to structure partnership

[Trysh Wahlig]

Hello! We have an offer in on our first investment, yay! I have had a design consulting business before, but never in real estate and never with a partner. What's the best way to structure our business so it's equitable? Is just one person on the loan or both? On the LLC?

Any advice is greatly appreciated, thank you!

[Edwin Epperson]

@Trysh Wahlig & @Alejandro Escalante this is definitely something you should consult a real estate attorney about as far as structuring your entity. You will want your operating agreement (LLC) or Bylaws (Corp) to clearly and plainly define the roles and responsibilities of each party so that you nor your partner feel that the other is not carrying the weight of the operations in the company.
Your second question is about the loan.  This is important based on your acquisition AND disposition stratgey.  Are you looking to utilize short term investing only (F&F, Bridge Loans, Wholesaling) with a clear exit of saling the asset, or is your goal to build a portfolio?  I ask because if your plan is to eventually use long-term capital, even if its not on the initial acquisition but even with the refinance then your access to capital should be considered.  Hard Money, Private Money and Personal cash in most cases you/ your partner's credit score are not an issue and it really depends on the underlying qualifications of the asset.  HOWEVER, if you plan on refinancing with a long-term loan whether from a traditional financial institution or with an investment lender they will definitely consider both your credit reports and score.  If your hope is that you will bring a partner in with great credit to boost yours you may find that the end lender will deny your refinance request based on the lowest credit score for everyone in the entity.
Hope this helps.  If you have questions please let me know, I'll be more than happy to wargame some scenarios with you.