Partnership across multiple properties

[Paul Christensen]

I am in a small partnership that is about to buy Property #2. We are organized in an LLC. Two partners would like to add funds to our working capital (from a cash-out refi) so we can acquire a larger property (more units). What's the easiest way to manage properties with different ownership structures? It occurs to me to form a new LLC for Property #2 and treat it as a separate investment, though it is linked to Prop #1 via funds from the refi. Are there other issues to think about when holding multiple properties with different shares of ownership?