Setting up an LLC (2 Party)

[Nicholas Ritieni]

Hi fellow investors!

I have browsed through BiggerPockets for a couple months now and am finally in the position to purchase my first rental/investment property. My partner and I are from Long Island, New York and looking to purchase in the Connecticut area. This is a 50/50 agreement with both bringing equal capital. We both own our own homes on Long Island and are trying to determine if we should set up an LLC or another sort of corporation structure prior to starting the purchase process. We eventually want to be able to hold a small portfolio under an LLC. We want the protection of an LLC to protect our current assets but are unsure how a mortgage can be received through a newly formed LLC. Any thoughts/direction is greatly appreciated.

Thanks!