Tax Question - 1st Property

[Michael Brown]

Sup BP Fam,

My fiance, and 2 buddies, just got a property under contract in Quincy, Massachusetts. (just outside South Boston, and Dorchester) It is a 6 bed 3 bath property. We will live in the 5 bed 2 bath unit and rent out the 1 bed 1 bath unit. This is all of ours first property (true house hack - FHA 203K loan). My question is regarding taxes. Since we all will be splitting everything 4 ways; the income, the expenses, everything, does it make sense to create an LLC to keep all the real estate income and expenses on one tax return? Or is it not worth it/should we just pro-rata everything between Schedule E and Schedule A on each of our individual tax returns? Any tax gurus/anyone that has experience with this sort of situation? Please advise.

@Pablo Bilbaolavieja 

#FirstPropertyUnderContract 

#Gettin'TheBallRollin'