How to Split Finances with Partner

[Austin Chau]

Buying a property where I get 80% equity, he gets 20% and we split ongoing expenses accordingly. In addition the mortgage will be 100% under me. He’s covering the bulk of the down payment. 

Few questions:

-How do we divide income and expenses in an efficient manner? I understand we need an operating agreement, but should we have joint bank account, LLC, etc.
-Should I go the LLC route or have the mortgage be personal and buy umbrella insurance?