Creating a Partnership Business vs a LLC

[Marco Massie]

I am just starting out in real estate investing so please bear with me. I bought a investment property with a cousin of mine fully paid in cash. The property is worth 600k. Since the deed of the property has both our names- 2 person partnership, I wanted to transfer the property under a partnership business or LLC. However we would like to take out an equity loan against this current property in about 2 years time to purchase another property. MY CONCERN IS NOT BEING ABLE TO GET A EQUITY LOAN UNDER THE BUSINESS. So I'm quite skeptically in transferring the property into an LLC as we don't make much income from the property yet and we are just getting started. We make a decent amount of income in our personal W-2 jobs. So to my understanding it would be better to form a business partnership so that legally, me and my cousin can obtain an mortgage loan just in case we can't finance another property through equity under the business. If we take out a mortgage together to purchase another property would it be appropriate to purchase it under our names and then transfer it over to the partnership business which we own together? The business will be focused on long-term rentals income so I would like to keep it separated from our personal W-2 income.