@Avery Carl if I had an equity partner who signed for the loan and funded the down payment (ie if I’m not on the mortgage) would I need to be on title to retain an equity % of the future profit when exiting the deal or is that unnecessary provided there’s a partnership agreement spelling that out?

It's a partnership with 2 of us, so choose the llc structure for multiple reasons 

Currently, I have been self educating myself saying and reaching out in pursuit of mentorship, partnership and innovative strategies.

Hi All,I could really use your expertise to help me with my checklist for establishing a partnership with an out of state investor.We have an exciting opportunity on the table to rehab a single-family, do a cash out refinance, and hold long-term as a rental property. 

I don't have to do creative financing, I don't have to give up ownership via partnerships, and my rates from the banks are second to none-- so seller financing doesn't really interest me. 

To future endeavors, partnerships, and most of all new friends! 

I could foresee a partnership where you buy the land, demo the house, and sell it as a residential spec/build to suit.

I would look to partner with an operator -- unlike SFR, the Commerical space provides more room for deal structuring, partnerships, and creative financing. 

If you and your partners have agreed on the above, and other key considerations, it should not be that much work for an attorney to prepare your operating agreement.Again, I'm biased and I'm sure there are plenty of successful partnerships that were fine without an Operating Agreement vetted by an attorney. 

It does make it very easy to split a partnership, but that's the only time I would form an additional LLC.