Real estate/Rental property....LLC, LLP, S-corp?

If you are going into a real estate business with a partner, the best thing is to set up a LLP. It is very inexpensive and you can do it your self. It will generally cost around $150-$200 for the application charge. You can go online to your state's Secretary of State website and print off the application. You just fill it out and mail them the money. They will set you up in a couple of weeks. Then go to the IRS site and file for and tax id#. You can do that online and will take a few mins. You can get an attorney to draw you up a S-Corp, but that will cost you at least $1000 and you will not get any major benefits in that business.