1st real estate deal almost complete!

[Account Closed]

Hello all, I am close to finishing my first real estate deal. It is an inherited home that my parents wanted to rent out. They did not have money for repairs, but my brother and I did inherited a large enough sum that it was not hard to offer to help with repairs. After a rental rate projected at $1550, we decided to start an LLC between my parents, my brother and I.

The deal is going to be structured as ownership of the property/company increases with each cash contribution for repairs/renovations. The home was going to be willed to us anyway and this way we can have ownership while providing revenue for my parents retirement. 

Thoughts? Was there another option that would have been better than forming an LLC?