Structuring a Partnership for Multiple Deals

[David Dunne]

Greetings all, and apologies if this question has been asked, but I am having difficulty gaining clarity. 

I am just getting started in my quest to invest in RE. My intent is to form a long term partnership with a friend as a General Partner, with the hope to do many deals, which will all have their own independent deal structures and Limited Partners. 

Example: Our GP split may be 50% for each deal (Each GP@ 25%). Other 50% to LP(s), but each deal will have different LP(s).

Is the industry best practice to create an LLC for each deal? I certainly don't think so...

Thanks for any help.