As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

Build a strong team, including agents, lenders, and property managers, and use tools like the BiggerPockets calculator to analyze deals.

Quote from @Andrew Betts: Hi Michael - We own and manage homes in Solara, I can recommend it for a strong ROI, and there is full access to the clubhouse, and better quality food and drinks there, than at other resorts. 

Did you buy this property on your own or did you partner with another investor?

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

I have about $20k saved up there but I do have a partner who is also willing to go in 50%what are your thoughts??  

It was all really quick, and the time to complete everything happened a lot faster than I expected (which was a good thing).I was worried at first that I had to use all the partners that Rent to Retirement had, but it was really easy for me to shop around for different lenders with different terms and rates, insurance providers, and property management company.

I strongly advise you to get your primary residence taken care of FIRST.

There is still strong demand for Austin area housing.