How to get a mortgage with a group of people? (LLC?)

[Josh Lyons]

Hi everyone, 

Two friends and I plan to flip a house. Our plan is to use a mortgage. To do so, should we set up an LLC? Or, is another type of entity or partnership agreement a better way to go? I've read that LLCs can have limited options in obtaining mortgages and good rates. In other words, how should a small group of people pool their money and set up a legal agreement (entity) in order to obtain a mortgage and buy a house to flip?

Thanks! Josh