Best way to setup a 50/50 real estate partnership?

[Jimmy Lieu]

Hello BP community,

I'm in the process of setting up a partnership with another real estate investor. We're planning on doing everything 50/50 where we split the profits and expenses. However, I'm a bit confused on how to structure this partnership.

I've been reading online that an LLC should be used. However, the thing is we are looking to take advantage of Fannie Mac/Freddie Mac interest rates because of how low they are. I've read online that getting financing with an LLC is very difficult. So how do my partner and I make this partnership official and be able to take advantage of low interest rates and qualify for financing?

Initially, we were planning on closing the property in my partner's name because he already has his pre-approval letter.

Should we set up an LLC? Or is it fine to just draft a partnership agreement and have an attorney look at it? Or should we do both?

I've read another BP post where someone makes a separate JV agreement for each property they close on. Is this the better option? I'd love your guys recommendations on what has worked best for you.