Proper RE holding structure. Joint Venture vs. LLC (or both)

[Anthony Casa]

Hi All,

I am forming a partnership with an 1 other investor to acquire a property. I'm having trouble determining the best structure for the partnership and if I should be forming a LLC, a Joint Venture or both.

Is the simplest/best way to do this is to just have the an LLC acquire & hold the property and then have ownership and responsibilities defined in the LLC management agreement? Or should a JV be formed above the LLC that defines rolls, profits, fees, etc.? If a LLC has the advantage of limiting liability that is not provided by a JV, when/where would it be advantageous to use a JV?