How to Structure Multifamily Real Estate Partnership?

[Caleb Black]

Hi I'm currently a student in college studying Mechanical Engineering and a friend and I are looking to invest in Real Estate once we graduate in May. We would like to start a partnership together to invest, particularly in Multifamily RE. We plan on splitting our investments 50/50 and we both have very similar long term goals. As of now we are unsure what the best way of structuring our partnership would be. Looking for advice on these key points:

-When purchasing property is it best to setup an LLC and have the title be in its name or simply both be co-borrowers on the mortgage?

- If LLC is the best route, how would we go about getting financing through it?

- If LLC isn't the best route, what other things would we have to do to ensure a successful partnership (e.g. joint bank account, partnership agreement, etc.)

If you have any advice beyond these points that would be much appreciated! Thank you.