The two of you would need to sit down with an attorney together and have a partnership agreement drawn up.

And yes, attorneys make money from forming LLCs, but they make way more when you were negligent and didn’t know what you didn’t know and end up in a lawsuit. 

Hire an attorney to handle this, or it'll cost more and take longer than necessary.

A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

My lender and attorney are both in the same building I am.

Ambulance chasing attorneys know their way around and can legally navigate around Insurance Policies.

From digging into real time market data and calcualting cash flow.. to literally driving for dollars, you want someone with an incredible network of pros who can unearth leads (probate attorneys, divorce attorneys, local fix and flip circles) that might connect you with a ready buyer or flud tenant.

Maybe talk to an attorney.

Also, if you form an LLC to hold the property, you will need a designated agent(attorney) in that state. 

I started to create our company website with my good friend, Scott Corbett (Lightmark Media), and we started working with our securities attorney to put together two 506(c) offerings.