Best Entity and Structuring for 50/50 partnership

[Rachel Simpson]

Hello all-

This is my first post and I am floored by the knowledge here, so I am hoping I can get some solid and helpful answers! I already own two duplexes on my own which I hold in an LLC. I am looking to purchase a few properties with a family member. We have partnered before as they hold a mortgage for one of my existing properties. Things are going well with that.

To keep things simple for these new investments, the plan is to split costs 25/75. They will put 25% down and I will finance the rest. We will continue that pattern with all expenses (repairs, taxes, etc) to keep things simple. All owner draws will also be paid out in that ratio. My question is: what entity is best for holding these assets? We are thinking about a multimember LLC with 25% 75% split ownership written into the operating agreement. Does anyone have information for or against this plan? Open to all suggestions.

Thank you!