How do you structure real estate partnerships?

Should the llc buying the land be taxed as a partnership or s-corp? 

A partner and I operate in SE Wisconsin (Racine, Milwaukee, Kenosha area) and have been working with an out of state investor, originally from the area, who was interested in helping us out in acquiring a BRRRR deal weather through private money, a cash purchase on their end and subsequent land contract to us, or a partnership deal.

Regarding your kids, I would also encourage you to have your trusts and estates and wills in order.Thanks, will see what can be done with joining current llc, and yes we will have trust for kids, but for now just wanted to make sure, when we setup everything for this property, it is done in a safe way, legally binding with control for everyone based on partnership, and not only trust

While we have many partnerships in different markets, we do directly offer many turnkey properties ourselves that we 100% control the acquisition, funding, rehab, leasing & mngt. 

Registered partnership?  

If this is a partnership, stay in your lane. 

@Daniel P.Well, all I'm hearing is why I don't find Contractors to form partnerships. 

It is very subjective if you chose to go in partnership with your close friend.

More specifically, I would like to know how it works, where to look for partners, and what a partnership would look like in terms of what I’m getting out of a deal and what they are getting out of the deal.