Starting a Partnership with a friend to purchase Real Estate

[Ryan Devine]

I currently live in a house that I own. Over the past couple years I have been renovating it myself. At this point I am content with all the work done and now want to turn it into a rental. Also at this time I have a good friend who I have been talking with for years about getting into a place together. We are looking to get a multi family home in Florida.

What is the best partnership to get into to purchase multiple homes together, LLC? I want to protect what I have already but want to be in a relationship where we can split values. I have only known about an LLC, are there any better options out there?