LLC or no LLC for partnership?

[Jason Kim]

Several weeks ago a friend of mine and I decided to begin our real estate journey.

What are the pros and cons associated with the following paths towards securing financing? 

1. Incorporating as an LLC and attempt to get a commercial loan at the slightly higher rate

2. Individually getting conventional loans or FHA loans (this is a viable option for us as we live in a duplex that is half owned by my partner) and hoping that if we do decide to incorporate at some point in the future and hope that due on sale doesn't bite us in rear.

I've seen a lot of opinions on this website about the pros and cons of incorperating as an LLC or not when starting out and I was hoping to get some more clarity on the position in relation to a partnership between two people.

Thanks and best