Starting LLC with Friend?

[Terry Davis]

My neighbor/friend and I are going to take the plunge and go in to business together. We are going to start simple and go 50/50 with an LLC. We are looking to but rental properties for cash flow with the goal of buying many units over the next 10 years to create high cash flow properties. What boobie traps should we look out for (other than what happens if one wants to liquidate their share)?