No one ever expects to lose money so loss sharing is almost never discussed in most of these small, initial ventures, but I bet you guys have some kind of implicit understanding about what would happen if the venture lost money. 

What do I need to know before pursuing this venture?

I feel like I got everything I needed, from the great instructor to venture forth now with our first Short Term Rental. 

ChapinTo me, the only advantage is branding and/or if you are doing other ventures. 

Interested in starting my real estate venture.

The LLC would enter into deals as a JV, joint venture, with other investors directly  or with their LLCs.

They are very open to share big mistakes they've made in the past...this will help you better understand some of the pitfalls to avoid in your investing venture. 

Thanks for your time and Happy new Year and good luck to everyone's ventures.

That would allow you to have a great, low interest fixed-rate debt on them and conserve cash for other investments.Ultimately you and FIL's agreement can be between the two of you, or it can be official, usually in the form a management agreement, operating agreement (of an LLC), or some sort of more complicated agreement like a Joint Venture.  

That, we'll go over the details together, set some guidelines, and jump into the venture.