Buying 1st real estate deal

[Andrew Oslan]

I've identified a property out of state with a colleague of mine. We are looking for a quick legal document to split ownership of the house based on money we put in and time that we are taking to fix it up. The lawyers that we've gone to are telling us that we are required to pay for them to open an LLC and put the home in it (lawyers are saying the paperwork for an LLC is $1k) and we are trying to stay simplified and not pay the extra amount for the LLC so we can take action on the real estate deal.

Ideally, we just want a document stating percentage of ownership for both parties and then action that needs to be taken if the deal or partnership goes sour. Do you all think it's necessary to open an LLC or is there someone that can complete this documentation for us? Thanks!