Most likely you can form the LLC after getting the property under contract, but again, consult your professionals in that area (realtor, attorney, lender). 

Real estate, especially multifamily, is a team sport and you won't be able to do this alone.Attend a local Meetup group, meet brokers, meet local investors, and provide value in anyway possible.

Couple that with the fact that you're getting hit with recapture when you sell whether you take the depreciation or not and it should be clear that you should take it.Alternatively you could not take it and file Form 3115 in the future to catch up on missed depreciation, but that'll cost you a pretty penny to have a professional fill it out for you and likely not be worth the difference from jumping a bracket unless it's a high value property and you'd pair that with accelerated depreciation which doesn't seem to be the case here. 

Keep it short and professional.

A professional contractor isnt cheap , but will pay off in the long run . 

Readers are directed to seek professional advice.

They are like the horse and buggy; when the sports car is invented they will be crushed.

You must keep the ownership percentage the same at all times and all income/expenses must be split according to your ownership percentage.Be sure to seek help of a professional who can guide you and structure this correctly so you can avoid violating prohibited transactions rules:https://www.irs.gov/retirement-plans/plan-particip...

Depending on your goals (investing and professional) you may not need a RE license.

I am an investor, self managing landlord, and GC, I specifically don't Want to get a realtor license so I’m not considered a real estate professional for tax designations so when I periodically sell something, I still qualify for long term capital gains.