To LLC or not to LLC... that is the question.

[Enrique Caceres Jr]

I'm an investor that's recently been asked to advise my in-laws on how to manage their commercial property on Staten Island, NY. My father in-law had a medical practice which he retired from and currently owns the property. It is still zoned for commercial uses. He has three children (my wife being one of them) and he has considered selling the property as he doesn't want the stress/cost of insurance/property taxes. After speaking to him qI've been able to show him how keeping the property and leasing it may be in the family's best interest as the rental income would pay for these limited expenses. At this point, I'm curious if making an LLC naming his three children as equal parts owners (something their father wants) is the best way to proceed or if it is even necessary. The ultimate goal is for this property to be the corner stone in the three sibling's portfolio for future investments. What would be the best legal entity for this scenario?