Starting a "partnership," but which Legal Entity?

[Robert Ombres]

So I believe I know the answer, and I am going back to a few books to read more on each to make sure my situation fits.. but this will be my first partnership and I realize I lack the experience and maybe knowledge to make this decision.

Background:

I am working on making my first investment purchase! I found an interested partner through networking with friends- basically putting the idea out into the world that I wanted to buy real estate investments and was looking for a partner. A friend directed me to one of his friends... and bam. I've been up for hours chatting through ideas and different properties in the market we are looking at.

Our agreement:

I will take out a loan at a local branch bank. 100% financing, 0 down. 4% APR. 30 years. My partner and I will split expenses, profits, liabilities. He will be managing the property.

To protect each other from and the property I believe we need to form a legal entity instead of a partnership. I think a member managed LLC is ideal as it will allow us to share decision making responsibilities. Transferring the property to LLC will also transfer the taxes.

This is my understanding from what I have read. If I am wrong or should consider anything differently, please advise.

Thanks!