Purchasing property with group of investors

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Hey Bigger Pockets Crew!

A property in Chicago came across my desk and is primed to be my next target for an investment property. I want to invest in this property with peers to spread the risk/pool our money. I plan to pool our money to be able to put 25% down on the property. % ownership of the property would be divided up by % of the down payment they contributed. We would share managing the property. With that said, what do I need to do to get this started? What are thoughts on this idea?

I assume all investor's names will go on the loan. Do we need to open an LLC? Do we need to open a business account? Any advice would be helpful! Thanks!