How To Structure A 3-Man Partnership

[Steven Hutzley]

As the title suggests, me and two others are looking to buy our first investment property. We are looking for advice/discussion on the best way to structure the deal. Our concerns are with financing, liability, and tax implications for each option of

1) forming an LLC with three governing persons. 

2) conventional loan with one person on the mortgage, but expense/profits split 3 ways,

3) partnership with the 3 of us guaranteeing the loan.

We are in Texas. Each of us hold our own mortgages for primary residences. We would also be interested in any other options or advice on the matter.