A single purpose joint venture agreement may suffice.  

Still a healthy profit, but I have been there where I saw sale price less cost and started getting numbers in my head, only to be disappointed with the check I walked away with at closing.6% realtor commissions on $300k are $18k.  

My wife at the time manage her mom's accounts and they had a six joint figure money market fund for over ten years.

The Supreme Court determined that NO MATTER WHAT YOU CALL IT (joint venture, fractionalized ownership, etc...) it is a security IF you say "yes" to the following: 1.

I am trying to set up a joint venture with some family members and I want to have it under an LLC. 

If you can find a property that will handle these costs, PITI and healthy reserves, you are in a good spot. 

I have a property that has a joint lease.

Pex will burst at the joint whether it's shark bite or clamp or shutoff, and copper is even worse.

We already have 2 mortgages, so would it be wise to get investment mortgages in our own names rather than jointly?

Because I have a healthy mix in my portfolio and I sincerely want a property in this area, in the long run that can be a massive powerhouse winner.