But I am not sure if the following scenario is a legal practice in the US:This American partner and I form an LLC and make an offer for a $2M multifamily property together.

Do I create an LLC and put the existing home into it?

Would you be buying/acquiring via an LLC? 

So I have a single member LLC. 

I had a thought about renting my current home to my LLC long term, is this a silly thing to do?

Putting them into an LLC might change the deductibility of the interest but it still depends on how much of the proceeds are used within the LLC versus distributed out.

I have another question if you dont mind, the account that the lawyer sets up, will me and the investor need to open a LLC and have the account in the LLCs name, or could it go in one of our personal name?

My question is, with me having 3 properties (1 rent ready) would It be necessary for me to have an LLC or would it be smarter to wait until I add more properties under my belt?

Typically unless the acquisition was using a TIC (Tenant-In-Common), the property is purchased under an LLC to which investors have ownership shares.

Looking for any insight and advice regarding current situationHere is a breakdown:My Mother and I have formed an LLC and looking to begin our real estate journey with the BRRRR strategy.