How to partner up on first rental

[Dimitri G.]

I'm trying to structure my first rental property. There will be at least 2 partners maybe more. We will all contribute the same amount of cash for the down-payment and all other initial costs. We want to sign a partnership agreement that says after all expenses are paid (including the mortgage) all remaining cash will be split equally.

Lets say one partner personally gets the mortgage and buys the property. As the partnership pays the mortgage, wouldn't that be considered a distribution to the partner that took out the mortgage? Even though we all put in the same cash wouldn't his basis be different and end up paying more tax?

Again, I am new and have never done this. So I can assume I might be missing some important facts.. Please correct my thinking and guide me down the right path! Thanks