LLC Profit Splitting - Unbrella LLC vs. 1 for Each Property

[Shawn Clark]

I will be investing with two other partners. We have already decided how we will handle the first deal. Partner #1 will provide all funds and be a silent investor for 50% profit/loss. Partner # 2 & 3 will handle everything else. Finding, Analyzing, Closing & Rehab. For their efforts each will receive 25%. 

We would like to do many deals together in the future, so our plan is to setup a primary LLC, which we each own 33.33% in. However, my question is how best to handle varying splits for each property? I mentioned how the first project will be handled above, but let's say for future deals all 3 partners wanted to contribute both financing and efforts evenly. How can we best change the allocation.

Does it make the most sense to create separate LLC's for each deal to handling the changing profit sharing, or would it be better to mention a profit split addendum for which we could modify easily(?) for each deal and only work under our core LLC? For the foreseeable future we will only be doing 1 flip at a time, so the LLC per property just to handle profit sharing seems like overkill to me. I would rather just either create a formula in the operating agreement where you could plug in Cash & Effort to get % profit per deal or somehow add an addendum to the operating agreement to cover changing profit sharing.

Can anyone provide insight into the best way to approach this? We will be meeting with our attorney tomorrow and just want to make sure I understand the pro's/con's. 

Thanks, 

Shawn