Partnership management on Rental Property

[Arun Kumar Balasubramani]

Hi,

I bought my first rental property along with my partner. Currently, the deal is 50-50. My partner is doing the loan and i will pay him 50% on all the expenses. Once we rent that, Its going to be 50-50 on the profit or loss.

My plan is to get a business checking account in both our name and ask the tenant to transfer the Rent . So we can maintain the accounts.

Looks like i have to create an LLC to open a business checking account. Is there any way i can open an account without LLC? Or is the LLC route is the best route?

Any other option to make this work? I also want to have a legal share on the Property, How should i do that?