Hello, these are very situation specific questions so I'll try to be as specific but general as well so as to not misguide you.

For a partnership, I have structured both an S corp and LLCs in regards to real estate ventures. An llc should always be your default route, particularly if there will be multiple projects where a multitude of third parties will be in conjucture for each project.
This allows you (your LLC entity) to engage in the ongoing venture with your partner through another LLC (partners) that allows you to conduct business with their LLCs and receive bonuses rather than equity or straight pay...this is better tax option for you since you know realtors are taxed high through their 1099s *talk to your accountant to set that up*

LLCs engaging with other LLCs for a project is great specially if there are other "partnerships" incolved as well. Is not just about how to get paid but avoid being taxed if possible and have the added protection.