How to keep accounting separate

[Aaron Vargas]

I’m looking to acquire a small investment property with a group of three people. We decided we will purchase as individuals to take advantage of more favorable rates. But if we purchase as individuals, how do we keep accounting separate from our personal finances?

[Aaron Vargas]

@Bob Norton thank you! We decided against setting up an LLC since it's tough to get financing with a newly formed LLC. Is a formal partnership agreement required for tax time? Or are we able to allocate profits, interest deductions, depreciation, etc. based on what we agree even without a formal agreement?