Managing a Rental with a Partner - Ohio

[Matt Wyborski]

Thanks for your help in advance.

A friend and I are under contract to purchase a rental property and plan to go 50/50 on everything. One of us will be taking the mortgage out personally, as to avoid deal with commercial lending.

From there we're wondering the best method to split the expenses and revenues down the middle. 

One idea was to form an LLC that would handle all of the business operations, and then simply split the profits of the LLC. (Note: not own the property out of the LLC, don't want to trigger a sale). However in Ohio, and other states, there is code that requires entities that provide property management services to have a real estate license. This sounds like it makes our initial strategy a bit problematic.

Do you guys have any suggestions how to to accomplish this split of expenses and revenues?

Thanks,