New Member From Missouri

[Chris Mayfield]

Greetings all! I am a 25 year old husband and father of 2 and am very glad to have found this website. A very good friend of mine that I've known for many years and I have been discussing real estate since we were teenagers in high school. My main question at this point is, where can I find out if we should start an LLC together, advice for how to collect and allocate the money received (business account or personal accounts, or both as employees of the company??) We are both recently debt free and are looking to start with a duplex, triplex, our fourplex. I have a little experience in rental management as my father ha a few single family homes that I have been involved with over the years. My partner and I have much larger goals than just "making enough". Our plan is to put down 20%, which I estimate to be anywhere from $10,000 to $50,000 depending on the number of units we find and the deals available...we're both just having a difficult time figuring out how to be legal and of course develop an efficient partnership. Any advice you could offer on the specifics of the business piece, specific to partners doing everything 50/50 would sincerely be appreciated.