Great idea on leveraging and making your money work hard for you Adam.

My husband and I bought our first duplex 2 years almost to the day and we have been working to get our next investment property in the near future.In all my research and education, I've realized that I feel stuck in my current day job and I know my skills are much better suited for the real estate industry.

Hopefully all the books BP and non BP books, BP education, BP podcasts, and BP forums will flow out of me!!!  

Its simply a way to get a few grand out of your pocket and into theirs for a bunch of largely useless educational material.

I joined the school of hard knocks education in rentals and built a great team as I traveled for work in 2009. 

My question is, should i file for an LLC while i am educating myself  or stay as a sole proprietor and wait until I get my first property?  

Been self educating myself for awhile with books, podcast, webinars.

I apologize in advance for not being more educated, I am in the process of learning but it helps me so much to get feedback here.  

Therefore - your liability should be limited to the amount that you contribute to the partnership/LLC.Whether you feel 50% is fair or if you should be entitled to more depends on what each person is bringing to the table and what his/her level of experience is.The more experience a person has the more leverage he/she has to demand a higher percentage of the profits.A general contractor/property manager with 20+years of experience likely has more leverage than a contractor who is just starting out.It also depends on what you require as a rate of return.

Great educationally tip!!