Arrangement with Partner - Seeking Advice

[Alex Huang]

Looking for some advice on the best ways to setup a partnership.

I have an existing LLC which holds some properties that are mine. I've recently worked out an arrangement with some friends to partner on some properties as well (and future properties).

What are the best options in getting both of us protected when it comes to this partnered-property? Should I setup a new entity to have the partnered-property held in? Or is there a way to utilize my existing LLC, but to have a specific carve-out unique to this (and future) partnered-properties?

My goal is to have every one feel secure in the partnership while also avoiding any unnecessary fees like legal, if possible. I figured many of you here have been in the same situation so I'd love to hear how you worked out your arrangements.

Thanks!