Advice On Partnership for first BRRRR/ Buy & Hold deals?

[Jason Deangelis]

Hello BP Community.  Coming from the Chicago land area with a question in regards to partnerships. If anyone has some sound advice in ways to approach BRRRR/Buy & Hold investing for two or more members It would be a wealth of knowledge for us at this time. Suggestions to the following:

Do we create an LLC or is there some other form of agreement?

What is the best approach considering we are embarking on deal 1?

What is the typical cost for something legal in this nature to be created?

Where is it best to place the financing of the deal? (a members personal name or LLC)

Thank you in advance and hoping to one day return the favor with sound advice as I grow in this industry!