How to set up multi-person partnerships

[Jason Galletta]

My grandmother wants to transfer the title of her house to 3 of her grandchildren (myself included) while she continues to live in it and contrinue managing the tenants until she passes away. She wants to transfer the property now while she is in good health in order to prevent it from being seized in the future from possible medical bills etc. Seeing as thIs Is a rather unique circumstance. What risks am I and the other two partners being exposed to by allowing our grandmother to run the property? How do I protect myself from the possibility of the other partners defaulting on their school loans? Should we create an LLC? How do we handle filing taxes? Do we need a lease for my grandmother? If anyone has some answers or examples of how they have set up partnerships and their agreements in the past it would be extremely helpful. Thank, Jason