What's the best business entity for holding CRE???

[Steve Chenoweth]

I'm looking at a property in the Philadelphia area, I'm looking to rehab it, rezone it (it's SF and its location on a main road denotes commercial), and find tenants. I will probably have a few posts in here regarding this, but here is my first.

I've heard that in order to even be considered for financing (when dealing with CRE), you have to be doing business through a separate entity. I've heard both LLC and LP are good for this. What's the best one? I live in PA, if that helps at all. Anybody have any advice/experience on this topic?

Thanks,
Steve