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. 

@Maggie Davis you've been incredibly lucky with finding someone to do a 90/ 10 capital partnership with a 50/50 profit split, that is incredibly rare. 

Thankfully, I am now working with an experienced partner who will be providing the money side of our partnership!

(We buy homes around $100k)  I proposed that they would get their initial investment back, no matter what, if we sold or our partnership dissolved. 

After reading through a variety of articles I came across a couple of different options as well:1) If you are married, your wife/husband can also hold 10 properties2) Hold real estate off title (Joint venture agreement) - partnership deals3) Hold the commercial loan or portfolio loan (ie 10 properties) in an S-corp.