If you have more than one person owning hte LLC, then its automatically a partnership and each person gets a K-1 which shows the amount to report --- in the same way. 

The LLC is a partnership 50/50, have an attorney draw up the document.  

These must be setup through a partnership or corporation (usually you'll create an LLC expressly for this purpose).

I think the most important factor when investing with a syndication group is vetting the general partnership team.  

I am not doing a partnership on my personal home which became an STR. 

This isn’t a partnership.

Be wise on choosing those partnerships and you will be blessed with good investments and good knowledge, choose poorly and you will just get an education.....

-Has anyone done a partnership / LLC with partners being in different states? 

I'm not looking for a magic number of what the partnership should be, but I was wondering if you think that it might be a reasonable deal in some universe or either of the two sides is getting ripped off.Thank you and I hope it'll be helpful to any future partner trying to shape their deal!

From my recollection before we disbanded that partnership a few of the limitations were things like; once we made our initial contributions for our first purchase, we were not allowed to make ANY more contributions to buy more properties, or even if capital improvements were needed.