Starting REI business with friends - LLC or not?

[Account Closed]

My friends and I are in the process of purchasing our first real estate investment out of state and planning to finance the investment through a bank. Each of us are bringing varying degrees of capital and sweat equity to the table, so I understand that it's important document obligations, contingency plans, and payout expectations for each person. We are not interested in forming an LLC for the purposes of limiting liability or for anonymity.

Any thoughts or prior experience with this type of arrangement? I read that some people go the route of simply signing a notarized document that spells out all the above. Is it advisable to go with an LLC and pay the attorney consultation fees, higher lending rates, etc. up front?