Working with a partner

[Barry Je]

I'm in a very strong position to invest. My boots on the ground partner is able to invest in gross numbers but I don't believe will get as strong financing terms as I will since he makes much less money than I do and his DTI is less than mine. I also insured myself with a great umbrella policy for 5M for protection in preparation for these endeavors.

We want to go in together on our first property. How would we properly and legally move forward as partners? One thought is for me to do everything myself and have him reimburse me the downpayment. Can we just treat it as a partnership then? If we form an LLC, how would one go about getting insurance on an LLC for liability issues? Is this legal? Or should we purchase the house in cash together first, then pull equity out afterwards with both names recorded on the purchase of the house when we buy it with cash in the first place? Again, how would we protect ourselves from a legal standpoint should a tenant sue us?

Any insight or guides are greatly appreciated!