Hey Andrew - I am not a tax or legal expert, but on similar deals I've done to this I set up an LLC under me and my partners names with a clear operating agreement and who is entitled to what profits.

I am a fan of this bc it doesn’t go on your personal credit report and it can also go on your LLC if you want.

It is difficult to advise you as to what you should ask because no one but you knows how your money flows, that is, is your business going to be an LLC, a sub S corp, a partnership or what.

I plan to create an LLC for this property.

If I did this, I would have to form a new LLC if I wanted to partner with a different investor on another deal.

I am looking for a CPA firm to help us setup an LLC and to assist with taxes.

You're probably looking at a Class D property which will be very challenging to manage and make money on.The critical question to ask the seller is how much is it going to cost to rehab it so it passes City inspections.Recommend you search BiggerPockets for our Deep Dive series on Metro Detroit Ring Cities and city of Detroit neighborhoods.

If so, did you open an llc together or just have one person get the loan with legal docs to ensure fairness?

We are looking into a business LLC and business accounts.

My questions is if I wanted to get the property through my LLC, is that a good idea for someone who is just starting out?