Bought FIRST property with business partner!! Start a new LLC?

[Adam W.]

Hi there,

My friend and I finally purchased our first real estate property.  Single family condo unit we will rent out indefinitely.

Since the price of the unit was so low (~$250k), we decided to take out at mortgage at 4.65%. We estimate being able to rent for $2400-$2500 which should net an acceptable cash-on-cash ROI, etc.

My question is involving joint ownership and LLCs. I currently own a personal LLC from which I accept payments for house remodelings I do.

Now I could:

• A) open a separate checking account under that LLC, have my partner sign as a joint-owner, and then we can collect rent and do business under that separate checking account.
• OR....B) we start a new LLC and put the property under that.

What do you suggest is the best route?

• If (B), would we start the LLC now, move all the downpayment money into it, and then proceed with the transaction as through the LLC?
  • --OR do we  proceed with the purchase of property under joint ownership, THEN move it into the LLC after the keys are in our hand?

Furthermore for subsequent property purchases, should we be starting new LLCs for each property we purchase, or keep them all under the first LLC that we started?

Thanks so much and looking forward to learning about this part of the process!!