Partnering on First Deal

[Daniel Silva]

Hey guys,

I am approaching my first real estate deal, which will be a house hack in Houston, Texas. I am partnering with my brother on this deal and we want to go in approximately 50/50. However, since I will be living in the property, and he will not, there will be some imbalances in who is responsible for covering the mortgage, maintenance, and how the down payment will be split. I am looking for advice on how to solidify a contract between the both of us. Do we need to hire an attorney to write up a contract, or can we come up with it ourselves and get notarized? Also, would it be beneficial to create an LLC under both of our and make the purchase under that? Or is it better to make this purchase under one of our names and then the next purchase under the other one's name?

Any advice is greatly appreciated. Thanks!