How to partner with someone on building a portfolio of deals?

[Aaron Andersen]

Hey Bigger Pockets family!

Question: I want to partner up with one of my long time colleges to more aggressively build a rental and airbnb portfolio. So, what business structure or partnership structure makes the most sense to setup to do that?

Also, if you feel this has been asked/answered perfectly elsewhere, just feel free to put in the link the form post, happy to just read that!

Is making an LLC together and buying properties through the LLC the way to do this? OR do we just buy each property jointly?

With some of the research I've done, it sounds like if we went the LLC route OR buy things jointly then the mortgages would show up on both of our radars - and, my concern with that is that I know getting more than 10 mortgages is challenging per person, so I'd hate to to soak up that potential with 10 shared mortgages, when individually we could have gotten 10 each (20 total)

We both have experience with rentals and airbnb as we each of several of our own, but we’re looking to scale/expand and we have complimentary skillsets which would help make that possible, hence the teaming up - but just don’t know how to logistically partner up.  We both have some capital, so we're both planning to jointly fund the deals, and then split the responsibilities ongoing.

Thanks in advance for any guidance!