first time REI

[Derek Smith]

My friends and I have recently talked about going in together on a 4-plex. There are 4 of us, so it would be a purchase in which we all live in each of the units. I have two questions:

1. Has anyone else gone through an experience similar to this? If so, what are your thoughts looking back on it?

2. We plan on holding meetings to begin initiating the process, however, we are not doing any of this thru a company. Is this a bad idea to not have a LLC formed for our first purchase? Also, because we are not planning on forming a company, do we still receive business deductions? If so, how are those expenses tracked/validated?