Best legal setup for investing with other partnerships

[Jeffrey Fecko]

I am considering investing in a duplex with another partnership but I am unsure the best way to go about setting things up legally should I proceed with the deal. My fiance and I are looking to invest with another couple who reached out to us about a duplex deal they found. However, I'm unsure the best way for us to set things up legally should we proceed. We would likely need to finance through a traditional mortgage. The idea I have is that we each form an LLC. These two LLC's then start a third LLC as "partners" and that third LLC is essentially the owner of the property. Is this even legally possible? I'm not sure what the best way to go about it is. I'm trying to protect ourselves as much as possible and also want to be able to make my own investments in the future without this other couple having any control over them.

Any advise is greatly appreciated