First investment purchase - parternship question

[Stacy C.]

Hello, hoping someone can give me some simple guidance / advice on how to approach our situation.

I've done my fair share of googling and there's so much info,  it's hard to really sort it and make sense of each scenario. I'm sure someone here can provide all of the info I'd need in a few sentences!

I'm looking to do my first deal. Either flip or rental, am open to both ideas. Have put a few offers in but no luck yet..but want to start getting more aggressive and want to make sure i am fully prepared once it does happen. I have someone to partner in either of these efforts. We are both in the same boat financially and with what we can bring to the table as far as time, management skills, repair knowledge, etc.  so this would be a 50/50 split of both costs,  work, etc

Not sure that it matters but we both have access to enough cash to pay cash for the right deal, or access to heloc, 401k loans, credit cards, etc...  depending on deal it may be a buy cash now, do delayed financing after, or if its a flip just do all cash.. not sure that any of it matters but just throwing out all the info i can. Also, probably important, both have excellent credit scores and credit history.

My question is about the partnership and how to structure it. If our first purchase is a rental that we intend to hold, and should we decide to say do the delayed financing for this example...

Some ideas I had - do we do an LLC or scorp, put the house in the 'business' name then? Or do we both apply for mortgage in both our names because we both have great credit - or would that be dumb due to the 10 house per person limit with mortgages and it may count as 1 for each of us? Do maybe 1 of us do the loan, but title it to both people? Or do we just leave 1 person out of it on the books.. not sure how that works come tax time when we both want to get some deductions....

Looking for the best overall scenario as far as cost effective, tax benefits, keeping accountant happy, etc and of course w/ the llc there is the liability protection.

Any info would be appreciated, sorry this got so wordy!!!!