Partnerships and Business Entity

[John Patrick Lantin]

Hi Everyone, some quick context before I ask some questions: -my dad is looking to invest has some capital and I have the credit and a small amount of cash as well as also doing all the work (finding a multifamily/small apartment deal, talking to brokers, property management, etc etc) -we are looking to split the income from the property (80/20) and also get the corresponding tax deductions in the same ration Questions: 1.) Should we setup an LLC or LLP prior to purcchase? I was thinking this is the best thing to do and then have a contract written up in the business entity clearly stating our revenue split as well as responsibility for any liability 2.) Any commercial lender referrals from the community here at BP? Thanks for helping this newbie out! :) -Patrick