Tips for purchasing investment property as part of a group.

[Kevin Vincent]

Hi All, 

I am beginning my investment journey, a few friends and I have created an "investment group" and are looking to purchase rental properties. What would be the best way to go about this? I've read that using an LLC that includes everyone is good to have, however I've also read banks do not like financing deals to or for LLCs. Essentially, I would like to create some sort of legal partnership, or entity that includes everyone so that when we do purchase a property we all effectively own a part of it.

A follow up question to this is, when that entity is created and it comes time to purchase a property with some form of financing, will everyone's credit who is part of this entity be checked? Only a specific person? Will it then only show on their credit report? I have a lot of questions simply stemming from my first one lol. 

Any insight would be great, thank you!