financing and other issues for tenants in common? feedback needed

[Steven Anderson]

I, and three other partners, will be constructing and holding for rent a new duplex. We primarily focused on doing so in a LLC structure. Given the financing limitations of LLCs I was wondering if anyone has any experience structuring similar group RE investments through just a general partnership agreement wherein the same concepts and issues would be outlined as in a LLC agreement, but the properties are owned by the individuals as tenants in common? Legal liability issues aside, which I know the merits of LLCs, GL policies, liability, etc. have been debated in detail, does this arrangement give any additional flexibility to tap the conventional lending markets and not be limited to the commercial lending markets? Any other issues/concerns you would have with this arrangement/structure?

I appreciate the feedback and advice.

Steven