LLC, LP, or Other for Group

[Chandler Ludwick]

I have 4 friends and we want to pool our resources together and purchase rental properties in the city we all went to college together in (focused on student housing). All split equally down payments and returns. We will not be managing these properties ourselves. 

Generally what structure would be best suited for us to organize under? I have been reading about LLC's but I read that we would not be able to use certain benefits that a solo person would (like FHA, lower tax rates, etc).

Thanks in advance