Tax question regarding Apartment investment

[Young Moon]

I am looking to purchase a 28 unit property and have a money partner. I am looking to either set up a partnership or a LLC. The idea would be that I would act as GP/manager of the entity and have him be an LP/non-managing member (although I would also invest some of my money as an LP/non-managing member too). He would get a preferred return (probably 8%) and then there would be a sponsor promote as well on distributions above the preferred return (probably a 65/35 split).

On properties that I currently own, I pay no taxes on my profits because depreciation is deemed an expense and offsets my profits.  My question is whether this same sort of tax treatment would be available to both me as the GP/manager and my partner as the LP/-non-managing member if I make a distribution out of profits.  Is there a way to structure it so that this is the case.  My accountant is saying no, but I thought I would check with the good folks here.

Thanks!