Single-deal partnership entity

[Matthew Radniecki]

I am partnering up on a small SFR deal with a long-time friend. We are acquiring a home in foreclosure proceedings and intend to rehab and turn in to a short term rental. The home is located in a great spot inside a tourist destination locale. The house will come with some repairs which we have budgeted. The partnership will be 50/50, with me actually contributing the needed capital. Half of what I contribute is actually going to be booked as loan to my partner. He's got the construction experience for the rehab.

I am curious what everyone's thoughts are on legal entities in a single property partnership. I'm not really concerned about having liability protection (that's what insurance is for). Outside of the liability protections offered by an LLC, are there any other considerations I should keep in mind? I am inclined to keep it simple and just operate as a partnership... no filing fees and financing is easier with better terms.

Additionally, if we go the general partnership route, I am assume we ought to take title as tenancy in common correct? So that my heirs or his heirs retain title if either of us passes away.