I was advised that he should create an LLC and then our two companies can form a partnership. 

Don't bring them as equity partners, as you will have to file a partnership return. 

As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription.

The friends/family circle is going to be the most likely route for your first partnership.

I do partnerships many different ways, some I split the equity on the sale; I'll bring the deal, and partner with the person investing because I brought the deal to them. 20/80, 10/90, 40/50, etc..

I'm always looking to make new partnerships and connections. 

We are TK company in Indianapolis (this is not a pitch), and have a strategic partnership with a unique company that does NOT mark up any maintenance or tenant turns...

This joint effort enabled us to maximize the property’s potential without financial strain, proving the strength of our partnership-driven approach to real estate investing.

That way you'll get better terms from your experience going up and through building a strong partnership. 

The below pictures are the outline for the approved plan released by the Alexandria Economic Development Partnership in 2020.