Details Sorounding Parnership

[Thomas Fortune]

For folks doing rehab projects with partners, I'd be interested in hearing how you handle some of these aspects:

1) At what point do you legally form the partnership? Before making offers? (ideally i'd like to be able to place properties under contract, and THEN handle the partnership setup ...just not sure if that's the best route)

2) What entity setup do you use? (llc, or something else?)

3) I assume you create a separate bank account to match the LLC?

I've always done deals solo, but getting to the point where I'd like to bring a partner in for some of the projects I'm doing, and just need some pointers on doing this is the most efficient way!!