Should we put our first property into an LLC?

[Anthony Harmon]

Hello all. I am new to this real estate world. First time posting on BP.

So my best friend (soon to be business partner) and I are planning on buying a multi family unit in Flint, MI. We are going to house hack this property. Drew will live in the property and we will rent the rest out. Hopefully we find a 4 unit. He is a first time home buyer so can qualify for the 3.5% down and fixed 30yr rate!!!!

My question is do we put that just in his name to begin with and move to a LLC when we are ready to refinance or do we put it in an LLC to begin with? What are the tax benefits and pit falls for both options?

Any and all help with this question would be great.

Anthony