What do I do now I have my first property about to close

[Craig Holt]

I have just found my first deal and am very close to closing it should happen in the next week or so (offer accepted, funding secured just waiting for the appraisal to come through which happened yesterday).

The property I am purchasing is a duplex and a friend of mine is an equal partner in terms of financing the deal.  The property and the loan is as things stand currently only going to be in my name as I live in the US and he lives in another country.  Because I am a W2 worker this process has been straight forward.

What I would like to know now is what do I need to do to make sure that myself and my business partner are protected and in complete compliance with the law.  I obviously also want to position myself as a US resident to be in the best position possible to benefit from any tax breaks that I can but also ensure that my partner does not face any tax issues himself.

I am guessing that I need to setup an LLC to do this properly? In my position what would your first steps be? Should I just book some time with an accountant who specializes in Real estate? If so any recommendation for someone north of Boston around the Peabody area?

Thanks