Starting out real estate investing in Dallas

[Soren Thomsen]

Hello my name is Soren and I currently live in Dallas, TX. Two partners and I are looking to make our first investment in a multifamily rental unit. We are all around 2 years out of college. I work in corporate finance, one works in construction management and the other in computer science.

I have a few questions for you guys

What sort of loan terms should we expect to be given? 

What percentage of a down payment will a bank typically require? 

Since we are working as partners is there any advantage to forming an LP or other business type to purchase a property?

We are in the very beginning phase of forming out business plan. What are some absolute things we should have on our list of things to do before we begin hunting for properties?

Thanks for all your help