Need advice - first joint property venture

[Fred Hess]

I've just had my offer accepted on my first turnkey rental property in New Jersey. Closing is not until October 1, so I have plenty of time to make the necessary arangements. I will be splitting all costs and ownership 50/50 with one other partner. The mortgage will be going in my name only. 

My question is, what is the proper way to handle the purchase and ownership of the property? From the research i've conducted, it seems that forming an LLC, purchasing the property in the LLC's name, and then personally guaranteeing the mortgage would be the best course of action. Is there a better option?