You need to check utilities etc to determine what needs to be done to separate the meters if not done already.Also you need to consult an attorney and get an estimate to prepare the condo documents.

I suspect (but I could be wrong) that asset protection will require that you transfer the ownership to your LLC, either directly or thru a land trust.There are disadvantages of transferring property into an LLC, so do consult with an attorney.PS.

Consult a smart CPA for more info here. 

The one recommendation I had wanted $325 for a simple consultation.

First you need to consult with your attorney to draft your partnership agreements and security instrument for the money you are investing.Consult with your accountant on tax implications.Each of you should have your own operating LLC that will be members of the property LLC.Holding title will not affect credit only loans in your personal name.

@David Nacco You should consult with your CPA for your situation. 

Hey Andrew, I can help out with getting the right legal consultation for this type of deal. 

I would consider working with a broker...Most good agents will come to give you consultation for free...and a good one can really help.I own a small coop unit I rent on the UES...used to do it all myself...then met an agent through a common friend who made a great impression very friendly and professional...let him handle the turnover of my apartment and he managed to get me about 15% increase of the monthly rent...When I was doing my open houses I would always got a trickle of people come by...he managed to get 30 people in the door on his 1st open house and 3 application within the week...What I came to realize is that good agents manage to drive much more foot traffic and create a sense of urgency for buyers/renters...In my case he got in a professional photographer who made the place shine...If you DM I can send you his contact...but any good agent from one of the reputable companies in Manhattan can give you a good advice.If your coop allow you to sublet for a year I would seriously consider doing so (If it cover holding cost)...Fall-Winter is the worst season to be on the market...if you can have the place rented and then put it on the market around March-April you might be in a better position...again best to consult few good Manhattan agents.

Regardless of what you do, you'll want to consult an attorney regarding business structures.

I find that land price in Centralia is reasonable, looking for consultant