First Partnership, Help!

[Account Closed]

I recently purchased my first STR in the Florida panhandle, and have two close friends who would like to partner for a STR. We have a general idea of what we want (equal down payments, equal profit splits, management roles), but I feel like I don't know where to start. My friends will be active in management once it's acquired, but I will be doing the grunt work in terms of forming an agreement, LLC, finding the deal, working with the agent/lender etc.

I'm not opposed to just going to an attorney, but my current idea is to use a partnership agreement on lawdepot.com or similar, then create an LLC with a bank account and then start looking for deals/sending offers. Is this is the general order you would recommend? If a hot deal came on the market tomorrow we wanted, would it be too late to put in an offer before having this all set up?

I know spending the extra cash for an attorney is ideal, but I also know many people successfully do it themselves- are there any investors out there who have had success just forming an LLC online?

I realize this is a lot to unpack for one post, but I'd appreciate any personal experience the BP community has to offer. If there's any factors I haven't mentioned that should guide my decision, by all means I want to know about it!

[Daniel Hyman]

@Account Closed

Do your future self a huge favor and contact an attorney and CPA prior to forming a partnership. 

Even if you end up going the DIY route, you'll go into it with much more knowledge that will save potential headaches and fees down the road.