Forming LLC for duplex purchase

[Scott Kelley]

Hi all, I'm planning to purchase a new duplex in Colorado Springs with a colleague. It looks like we would be best served to form an LLC for the asset protection. We plan to purchase at least 3 additional multi family properties in that area.

My question is this: Can you help me understand how financing would work? Would we purchase the duplex with our personal credit and move it into the LLC, or would it be beneficial to have the LLC totally formed before we make the offer, and use it immediately? I have a call in to an attorney but he is out for the week and I think this group is so knowledgeable about these topics that I thought it would be valuable to ask. If there are already valuable discussions about this, please let me know and I'll look for them.

Thanks,

Scott