Real Estate Investing With Friends

[Jon Kim]

Hi all, 

New to the group, but happy to be here! 

Hoping for some advice - I'm trying to buy some real estate property out of state with 2 other friends (3 in total) and we're having a hard time figuring out the exact order to get going. 

1. Should we create an LLC to start? If so, does it matter if it's in the state we're trying to buy property in?

2. If we do create an LLC, it looks like we get worse rates than if we buy through a personal loan. This would ruin any of our chances to take advantage of a 'first-time home buyer' program, correct?

3. Any other general advice is greatly appreciated! 

Thanks in advance,

JK