Structure Deal Partnership

[Joseph A.]

I am in the process of partnering with 2 other people on one deal. I would like to know how to structure a one time partnership that is separate from my business. The deal would be for a rental property. Should an entity such as an LLC be set up? How do you guys handle payments to the partners, would it be monthly quarterly or yearly. Does it matter if the payment is coming directly from me or should it come from the entity. Is there a software that makes it easy to break down the portion of the property when it comes to filing taxes.