50/50 Partnership Structure from top to bottom

[Ryan Luby]

Looking for anyone to share experiences based on how they set-up and run their own partnership business.

I know how I would like the business to run, but I of course get confused with the legal & accounting implications of my decisions. 

** I am in the process of talking with attorneys & accountants but I just wanted to hear from the BP community on their experience.

Business Structure:

 - My partner and I are 50/50 on everything.

- We are in the process of creating a parent company, which will hold the subsidiary LLC's, which will then be the companies that actually hold property.

- We have individual LLC's, & each LLC holds one property at a time.

*Financing:  

- We get financing in our personal names to take advantage of lower rates, fees, more options in general. But we retain Title in the corresponding LLC for the specific property.

*Ownership:

- Again, Title is held in the corresponding LLC

My thoughts:

- Does getting financing in our personal name break any legal barriers created by the LLC structure for these houses?

- Thus, is it better to pay more up front, to get financing & hold title in the LLC?

- Could getting some sort of umbrella policy allow us to continue getting financing in personal name, and holding title in the LLCs?

You obviously don't need to answer these questions directly, I'm just sharing what I'm thinking, but if possible let me know the following:

My Questions to you:

What is your experience with your business structure?

Have you found getting financing with the LLC to not be as completed as we are finding?

How do you protect yourself, & your business partner from any unforeseen emergencies?

* I've been posting a lot, but I've spent years reading, learning, listening, and practicing what I've learned from the BP community and now I'm in a place where I have tons of specific questions as I get further into my investing career. 

Any advice is greatly appreciated.

As always, thanks BP community!