First Flip... to LLC, or not to LLC?

[Steven Cramer]

Hey all! I'm looking at purchasing a single family unit in West Philadelphia (E. Parkside) for a fix and flip with my father. We're 50/50 partners in the business; I'm a licensed Realtor in PA, he is not. This is our first flip together, though each of us have purchased homes individually in our own names before. We are looking to flip this house and roll the profits into future projects with a 1031 exchange.

I've heard arguments both for and against using an LLC at all in flipping homes; even on the "to flip" side, I've heard arguments for utilizing LLCs in many different ways. So herein lies my question; should I, or should I not, use an LLC to purchase this property?