First rental property purchase with partners

[Account Closed]

Hello there! ​We are a group of 3 people who is looking to buy the first rental property in New Jersey or surroundings. It's been a few weeks that we are gathering information as we would love understanding the process step by step. It looks like a LLC will not be the right move to make at the beginning (for mortgage and fee) but it could become convenient after the purchase. Or, an umbrella policy would be sufficient at this stage and protecting all of us? We further understand that we will definitely need a lawyer and an accountant to assist us on this process - actually hoping to increase our network with Bigger Pockets :-) Thanks for your attention and looking forward to your feedback!