Susan, Google "Section 8" or use the search function here on Bigger Pockets.

I have a TIC partnership on a bunch of SFD's I/we own, but this sounds a lot different.

They are starting up, they are small, and there is more functionality to be added, but they seem very flexible and accommodating to your needs, so I signed up for the service. 

Otherwise, not necessary)Mortgage PayableTenant Security Deposits HeldEquityTotally depends on your structure, but could be:Owner Contributions (for sole prop)Owner Draws (for sole prop)Member Contributions (for LLC/Partnership/Joint Venture)Member Draws (for LLC/Partnership/Joint Venture)Capital Stock (for S-Corp or C-Corp)Additional Paid in Capital (S-Corp or C-Corp)Shareholder Contributions (for S-Corp)Shareholder Dividends/Distributions (for S-Corp)Retained Earnings (all forms)If a few number of partners/members/shareholders, then one Contribution/Draw account per person/entity.  

@Kevin Carbonhas a group of actual BP members that get together of a meal and drinks, share advice, stories and even strike up partnerships for deals.

I think the 2 unit building would also function well as a 3 unit building.

I would really like to strike up a solid business relationship/partnership with a GC or investor and just see where things go. 

I am needing to know if I should setup a llc with both of us being members or would we benefit more by making it a partnership?

Decent PM functions, but for me poor accounting.

But, I've not had very many rough roads either.Look to your state laws and requirements for small lenders, see what requirements there are, there will be if you are deemed to be 'in the business", look at the functions that are governed and if you want to act then don't do those functions, keep things on an individual and private basis.