Pros and Cons of Joint Venture Structure

[Susan Elliott]

I'm currently researching the different entity types that may fit a potential 16-unit property. I'm seeing that a GP/LP split and full PPM is out of the scope of this smaller multi-family deal and hearing that a Joint Venture structure is more common to pull together multiple investors. Does anyone have any experience with a Joint Venture that could share some pros/cons of this method? Any favorite articles or books that do a good job explalining the differences in legal entities for investment properties for non-lawyers? Of course, I have appointments with potential legal team members, but want to go into those meetings with a better grasp of the subject matter first.

Thanks in advance!