Joint Venture or LLC

[Blake Billings]

Hey BP,

I am looking for advice on how to structure a partnership. JV or LLC as partners. What are the Pros and Cons, implications, etc.

I currently have 5 units that I have acquired over the last 24 months with my own capital. Not that I have my feet under me and some experience I have some partners who are providing capital while I am using my experience and contacts to locate, negotiate, rehab, and manage the properties. 

My ideal structure is to for my partners to provide 90% of the capital while I provide 10%. And then we split Cash Flow and equity 75%-25%. I would like to have authority to make day to day decisions but we would agree on a framework for major decisions, exit options, etc. 

I have talked to a couple local investors and 1 partnered via JV and another through LLC. They helped me understand how they structured it but I am trying to figure out which of the options is best and why.

Appreciate the support ahead of time.