Best way to hold a rental property in CA with a partner

[Tri Phung]

Newbie here getting ready to buy my first true rental property in CA.  I am partnering with a seasoned broker who has successfully sourced several flips for me this year so he has earned trust and credibility.  

The property is a manufactured home built in 2003 in Colton, CA 3/2 1500 sq ft that rents between $1300-1400 that we have under contract for $120k on a short sale.   Property is in great shape and ready to fill with tenant.  

Now for $60k I am buying into half of all rents and equity position.  

I have 2 questions:  What things should I be aware of with buy and hold with a manufactured home?  It is newer...

Secondly, what is the best way to hold the property in terms of tax liability and also to protect my interests? S-Corp? LLC?

WE don't plan on disbursing rental income to each other very frequently.  Instead we will just accumulate it all rental profits for 3-5 years until we can pull out to invest in more real estate.  

Any advice for this situation will be greatly appreciated.  We need to make a decision on this by mid august.