I've set appointments with a RE attorney, CPA and then have plans to do my research with insurance companies and lenders but wanted advice from the BP community on how best to structure our partnership since I know many of you have to have already been down this path. 

Regarding asking for documentation - Who is asking for the status of a filed partnership return?

If I am going into a partnership for my first purchase with a few people, do they all need to be approved as well?

Basically their partnership/LLC would be distributing up the interests in [new property] to the individual investors after we close.

Notice that it took a private public partnership deal for this to happen.

A document that covers what happens upon death of one of the owners, right of first refusal in the event one owner wants to sell, who is managing this entity, the process for selecting the manager and removing the manager, etc.An LLC taxed as a partnership may be the way to go. 

We have both agreed to put a total down payment of 20% to purchase and have a 6 month reserve on the the mortgage set on our partnership.

I'm looking for suggestions on banking institutions, lending terms I should be looking for (30 yr fixed, 25 yr because its a partnership), typical interest rates, etc. 

I've read that its better to form an LLC and then 2 S-Corps underneath it that own the LLC for a partnership rather than forming a normal partnership for operations.

Experts, need your opinion - especially from folks who own several SFRs in a partnership.