Different ways to structure JV deals

[Johnson Joseph]

Hi everyone, 

I am in the process of partnering up with a friend of mine on a JV on a real estate project. I would like to get some insights from people that structured JV and different ways to go about it.

Here's the layout of the partnership structure.  

- Property is located in South Jersey where my friend is located.

- Purchase price 190K 

- Appraised at $250k

- Property is a duplex minimal work is needed.

- 50/50 on the down payment (25% down payment)

- 60/40 on the cash flow from the rent. My friend has 60% I will have 40%

- 60/40 on the equity. My friend has 60% I will have 40%

- My partner information will be listed on the mortgage and deed.

- My partner will be in charge of all accounting profits/losses. 

- I currently live in Los Angeles 

- General Partnership Agreement has been created.

- No LLC is formed and my information is listed on the deed.

One reason why my name is not listed on the mortgage for this project is that it would free me for another project which we would partner up and I would be listed on that mortgage. 

Some concerns I have should we create an LLC together? Should I have my information listed first project mortgage/deed?

Thank you.