LLC or Not for First Rental?

[Paul Whitford]

All,

Long term follower of BP and gearing up to get my feet wet with my first rental property.

Equity will most likely come from my parents and I (not a proportionate split). Would it make sense to structure this through a LLC for more protection and flexibility with moving money between us all? What are the tax benefits at a high level?

I'm inclined to do the first property without a LLC for more favorable lending terms (30 year loan vs 5-7 year loan with a LLC). Is that short sighted if I plan to grow my rental portfolio long term?

Open to any advice and hope all are well! Thank you!