How to structure a partnership: Half a deal better than no deal

[Kyle Grimm]

Hello BP! 

I am trying to gain more knowledge on the subject of partnerships and could use some advice. I currently hold my real estate in an LLC which I am majority owner of with my dad. I have a buddy who is new to the real estate game who would like to partner on his first deal. He actually just located a 3plex that looks like a great deal and would like to partner with myself beings I have a little more experience than him.

My question is... how should we structure our partnership the appropriate way? Should he form his own LLC and then both of our LLC's own 50/50? Should my LLC partner with him as an individual? Should we form an LLC together owning equal amounts of the LLC and then have it purchase the property? Or maybe none of the above!

Would really love your opinions on this! I know @Brandon Turner loves to partner on deals so I wonder if he might want to jump on here with some thoughts :)  

Thanks everyone! Happy Investing!