Entity structure with equity partner?

[Joey Budka]

Can anyone provide insight into various approaches to structuring an entity for a single-property acquisition with two partners, one being the operating/managing partner, and the other being the silent majority equity partner? 

We are in contract on a deal and need to draft an operating agreement that outlines responsibilities, profit share, etc. before we obtain our loan and close in the next 60 days. 

We have everything roughly agreed upon, so we just need some guidance about best approach and the pros and cons of an LLC vs. LP structure.

We will be purchasing a short term, value add flip opportunity. The partnership will likely be designed for this deal only, as we all intend to take our profits upon a profitable exit post-renovation within 3-9 months.