How to structure a STR partnership

[Abraham Klein]

Hi everybody! We're about to purchase our first STR in the Poconos PA.

I'm having 4 silent investor and ill be managing and doing all the legwork. 
I'm looking to structure a partnership, were wondering what the best way to take this to an attorney to write up a contract that looks out for the best of each individual investor.

This is my first rodeo, looking forward to the plunge! 

[Jason Stoltzfus]

I formed a partnership with 2 other folks recently to purchase a property in the Poconos. Honestly, I'd just go directly to the lawyer and they'll be able to take it from there.

For us, we filed a multi-member LLC with the state first, then went to a lawyer to structure an Operating Agreement. The Operating Agreement is what will spells out percentage ownership, responsibilities, etc.

Are you buying it as an LLC or as individuals?