4 First time investors looking for advice/confirmation about getting started

[Andrew Haddad]

We are 4 younger guys recently out of college looking at forming an LLC to purchase our first investment property. We planning to meet with a lawyer soon to cement our articles of organizations and operating agreement before we form the LLC.

The plan is to each put in $10,000 towards a downpayment, and then all equally cover laywer/LLC/general fees.

I am referencing this post originally (https://www.biggerpockets.com/forums/311/topics/260825-inves...), but it is from 8 years ago. I believe we have covered most of the needs in this post, but I was becoming unsure about an LLC.

From a multi-person investment point of view, is an LLC still the best way to go? We are thinking very long term, so in order to cover bases regarding potential deaths, wanting to pull out, or being unable to afford the investment it seemed like the best way to go.

Really looking for some general advice is there is any, we feel we've googled and researched everything that will apply, but are there anymore pieces to be aware of? What kind of financial safety net would be good to have per person? Are there tax implications we are unaware of? Minnesota does not have state income taxes for LLCs, but federal income taxes still apply. but we don't plan to generate revenue, or any revenue we generate would be thrown back into the LLC in the form of an emergency/maintenance fund, or towards another downpayment.

Appreciate any advice or messages with help or constructive criticism. We do have a lawyer in mind and a real estate agent as well planned