Do I need a PPM or not?

[Cole Agnew]

I am looking to being finding partners to bring some money to the table so that I can continue to buy more real estate. A lot of the research I have done has indicated that I need a PPM to protect myself and comply with SEC rules and regulations. If per say I want to partner with another individual where they bring 80% of the money and I bring 20% of the money, do I need to get a costly PPM drawn up or can I simply form an LLC with the partner and have a high quality operating agreement detailing the structure of our agreement?