Commercial deal advise

[Alex Kholodenko]

My friend and I are in california.

Looking to buy commercial office and warehouse property as Partners in Florida - Lakeland area US HWY 92, 

The owner is willing to provide do Owner financing with 10 year balloon payment at 5.5%

Its current leased yearly gross income 130k and occupied cap rate 9.25, down payment at 10% appraisal value 1.135.000

Should each of us form individual LLC in Wyoming or form a Partnership?

We intend to buy more SFR and duplexes as well.

What about taxes, what do you recommend we do from taxation standpoint?

We are in the process of getting current lease agreements reviewed, along with gross and net incomes for the last 3 years.

What else should we ask for?