LLC formation with Partner

[Kevin Fitzpatrick]

I am planning to begin real estate investing by forming a partnership with a family member - my brother in law.

Neither of us has established an LLC for these purposes yet.

I am trying to decide which would be better:

1) for us each to form our own LLC individually, where one is the owner and the other an investor, or

2) we form a single LLC as partners.

I would love to hear thoughts on potential pros and cons of each, or possibly other alternatives.