How to structure Partnership RE Company?

[Jeff Binkley]

Please forgive my ignorance!

One of my good buddies and I have been in the works to start a RE company (buy and holds). We are planning on sitting with an attorney to write up an operating agreement. However, the question still persists on the finance and legal side of things. If we do multiple properties, do we write up a new operating agreements/exit strategies for each one? Fund new properties "half and half", and just hold the property in one of our names? Should we just cover our assets with umbrella insurances? LLC? I also know it's not easy to move a property we personally buy into an LLC. Should we fund an LLC buy through it?

If it was just me, I know how to start and the steps to take. But when another person joins the mix, I don’t have the same confidence. In fact I have nearly 0.

TL;DR How have you structured long term partnerships? For both, The funding/finance side of a partnership, and the legal/liability side of a partnership.