Advice on Tax effects of setting up LLC with an equal partner

[Micah P.]

Hey all, new member here! A partner (non-relative) and I are currently looking to acquire our first property and had some questions about the most efficient way to structure our business. We will be putting up equal cash for the down payment and equal labor to fix up the property, as needed, to get it rent-ready. I will likely be moving out of state in the future leaving him to handle any property management duties. We will likely set up an LLC with equal ownership, but have questions on how this will affect our tax situation.

Would the LLC be taxed as a partnership in that it will file its own tax return and distribute the profits/losses to each owner? Will the LLC enjoy the same tax benefits (depreciation, mortgage interest, taxes, insurance, etc) as it would if it were held by a single-owner?

I'm sure there are posts out there on this topic, but I didn't see anything scrolling through, so any help would be much appreciated!