Buying a property with two more partners

[Srikrishna Karnatapu]

Hello

We(3) are planning on buying a rental property. I'm wondering how this purchase should be handled, this is our first property. Should we incorporate and handle the income under incorporation or leave it as personal since the finance is approved from personal side and not for incorporated business. 

Any general agreements we should make between the partners? any clauses or scenarios you can advise please?

Any suggestions or advises are welcome and appreciated.

Thank you