50/50 Partner Structure Advice for First Deal

[Clayton Anderson]

Hello,

I am looking to make my first real estate investment purchase with a partner and would like some advice on how this should be structured. 

We are both relatively young (24/25) and have well paying salary jobs and good credit, but would both greatly benefit from each other in splitting the down payment. We are looking for duplexes in the $250k-$350k range in Columbus, Ohio, and would live in one side together and rent out the other half. We are also going to be 50/50 partners in all aspects. 

If you were doing a deal in this way, how would you structure the purchase? Should we first set up an LLC and run everything including the purchase through that entity, or is it easier to jointly apply for a loan and have legal documentation outlining the partnership, or is it even simpler to make the purchase solely in one of our names, and have legal documentation outlining our agreement? Is there anything else I am missing, or any other advice you would have?

Thanks,

Clayton