How to Partner for a Rental

[Garfield Reid]

Hello Bigger Pockets family,  

My brother and I have acquired a single family house following my fathers passing.  We intend to do a turn and rent the house.  We both are covering the mortgage. The question is how do we both benefit from the our personal expenses as well as for the updates and refinancing? 

My brother is married while I am single. Should we form an LLC and what are the pro's and cons? Or, should we co-own, or should one of us own and workout tax options to benefit us both. I currently have a buy and hold townhouse that is renting under my name and not a business.

Thank you,

Garfield Reid