Forget the LLC all you need is insurance but most importantly you need a qualified lawyer to draw up you partnership agreement.There is no place for trust when it comes to business and money,  what you need is a air tight legal contract.

Have a lawyer review the contracts to know for sure if it's revocable or you have to use the existing contracts until they expire (then you can replace them with your own).

You also need to make sure you have a very good lawyer and CPA. 

Look at hiring a lawyer to write and form a project based LLC.

If/when times get tough, like in 2008, and you can't repay, any good lawyer you hired to protect yourself will go after your lender for predatory lending, improper/unlicensed lending, and various loopholes in the bad paper you and your lender found off the internet (or stationary store -- Yikes!!).

You can set up the LLC yourself easily, but the real trick to making it worth anything is to have your lawyer advise you on all you need to do to maintain the liability protection.

If you get sued, a lawyer has little incentive to proceed because there's no money to be made.

Originally posted by @Jay Hinrichs:Douglas nice article  talks about both sides and some of the situations were there are two prices. in town and out.reality is banks and mortgage lenders will have a very hard time doing 20 to 30k loans.. there simply is no money in them.. and the risk to high..I talked to a real estate lawyer about this a couple of years ago.

For example, Friday i was sitting close enough to one of the lawyers and heard him convey to the sheriff that he just got an email pertaining to one of the homes on the docket, that the owners were filing for bankruptcy and that the home needed to be postponed.

I'm no lawyer, but this was my experience managing mom & dad's estate in Calif.