It's truly like having multiple LLCs formed but without the administration tasks and fees that come with having multiple individual LLCs.

I am local to Gainesville, there is a monthly bigger pockets meet up with some awesome individuals that lead it.

Either of your scenarios can work.I believe that @Beth Johnson makes these loans and might have something to add.Thank you for the response and the connect!

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

You need to be clear where each partnership starts and stops and make sure each person knows they are responsible for.I hope this helps. 

Thank you for the response. 

So happy to connect with likeminded individuals as we learn & grow together.

I feel like it can be costly on utilities but the tenants are responsible for water and electricity anyways.

Once the new tenant takes responsibility, release the original tenant from their obligations.

Thank you for your response.