First Post! Creating an LLC with brother?

[Account Closed]

My brother and I are looking to buy our first deal. We want to partner on this first one and on some but not all future deals. To give a background he is 22 and about to be earning stable income in the Navy by the end of this year and I am 20 years old playing baseball in college not currently earning income. We want to invest in some deals together and share in equity and profits on those but also have the ability to do deals without one another and not intermingle those future individual investments. Would it be better to create separate entities and partner on specific properties or create one multimember LLC? Is there something specific in an operating agreement that would take

[Joe Martella]

My brother and I have similar situation. We have our own investments and when we were planning on doing an investment together, we were going to create an LLC that each of us owned. It costs money to open an LLC - each state is different, so why go through the additional expense. If it was me, I would open a joint LLC there may be better tax benefits since you won't be considered a disregarded entity and when you are both interested in getting your own LLC then open it. Engage an accountant. Take a look at this thread. Maybe you can get some tax answers here: Ask me (a CPA) anything about taxes relating to real estate | page 75 (biggerpockets.com)

That is my opinion.  I think that it is awesome that you and your brother are getting in on investing at an early age.  Kudos to you both and thank your brother for his service to our great country!