Tax Write-Offs, LLC, and Financing

[Jeremy Barren]

Hello BP Forums. I am starting off in REI and will be purchasing a first rental property in early 2021. I am going to partnering with another individual and we were curious about whether to LLC now or wait. Between the two of us, we have ~$425K in starting capital and intend on scaling fairly quickly (and cautiously). Our goal is to have 10 units within two years. Since our goal is to grow with speed, does it make sense to form an LLC prior to our first purchase, and if not, why? We will likely not be going for a traditional mortgage, but rather investment loans. We understand the costs of forming and maintaining an LLC, but wanted to know if there are any other challenges associated with having one? If we chose not to form an LLC, can both my partner and I write-off the same amount of expenses for tax purposes as we could if we had a legal entity formed? Are there any issues in accessing financing if we are able to make 20% down?

Thanks in advance! 

- Jeremy