Do we need an LLC for purchasing a rental property?

[Daniel Cody]

My business partner and I are purchasing our first rental property (single family) and we're trying to understand if we need an LLC, or if there's another route that allows both of us ownership along with protection from personal liability.

I'm aware that in many cases purchasing with an LLC means that we may need a commercial loan for the property, which is less than ideal for what we have budgeted, but given that there are two of us who want to have ownership of this investment property, do we need an LLC?

Any advice would be greatly appreciated!