Here’s where I’m at:1) I’ve found a wholesaler that has properties in Indiana that they’re selling.2) I did the math and the returns makes sense. 3) I’m in the process of negotiating the purchase. 4) They’ve sent me the purchase agreement and my lawyer has looked at it. 5) I’ve went back to the wholesaler and requested some additional documentations.

@Will Flores I always compare it to having a lawyer when you go to court.

How did you choose a lawyer?

My husband is a lawyer in the Air Force, so we move states every 2-3 years.  

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.