What is the best way to structure a real estate joint investment

[Robert Ruschak]

I am looking forward to do some joint investments on very good real estate investment properties.

1) The profits will be split 50/50. Should I and the other investor create our own LLC's and a holding company?

a) Should it be setup as Tenant's in common?  This investment partner is not related, and we live in different US states. 

b) Should I create both an individual LLC and Holding company? This setup would allow me to remain anonymous.

c) Is it better that we create our separate LLC's and draft up the operating agreement as 50/50?

3) What is the most effective way to pay the monthly mortgage in this arrangement?  One party pays 100 percent the first month, then the other person pays the second month, and keep rotating the process?