Question about creating an LLC

[Account Closed]

I am semi-new to the real estate investing world. At the young age of 21, I own two rental properties and a third one under the works (Paid with cash). I have not yet created an LLC, which leads me to question 1.

(Sidenote: I started investing when my grandpa passed away and at 18 I inherited $100,000 and one of his rental properties)

Question 1 is: What type of LLC would I choose? I have read that there are different type of LLCs for tax purposes (C corporation, S corporation, etc).

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After I close and repair my 3rd home I will be left with about $15,000 in liquid assets

My friend has seen how well I do with my rental business and he wants to get into also. He proposed the following :

He found a 4plex for sale for $135,000 and said that the seller is willing to carry the loan and let us have it for $105,000.

My friend said that we can offer $10,000 down and $550/month for 20 years. He didn't mention interest/APR or nothing.

I have not spoken to the owner yet (but will) but my friend also said that the property has had full vacancy for over 3 years (mostly elderly people), Utilities are metered individually, refrigerator, gas range, washer/dryer hookup in each unit. The roof is 5 years old and 3 coolers are also 5 years old.

Each unit is 1 bedroom and 1 bath. The owner also only pays +/- $2,400 including property taxes and insurance.

Does this look like a good investment? What do you guys think about this? Also I would also create an LLC as we are going into business together, which type of LLC would I choose?

**I really dont know if this is a good investment since every property I have bought (2) have been "all cash" offers.

Help!!

Thanks for all your help,

usbp456