Any advice on which state to start the partnership llc, Miss Florida (no state income taxes).

I would like to establish partnerships and experience both in state and out of state (CA, IL, OH, CO) before investing in my own rental properties.

Realty Trusts, Family Limited partnerships, LLCs & LLPs...Others load up on Insurance.Still others strip out all the Equity.However each requires some expertise and effort:Business Entities may need Officers, periodic meetings and recorded minutes.The most comprehensive insurance coverage can result in a claim denial with the wrong words on a recorded report.

I think we’re in similar boats when it comes to asking others for some partnership and hearing crickets on their end.Well, I’m also looking in the Baltimore market since inventory is relatively cheap.

@Adam RegosMost syndications are set up as a partnership for US tax purposes.

Then, once you have the time/experience to pass the broker's exam, you would be free to open your own shop.If you want to take the client list with you, make sure that is all spelled out in detail before going into the 'partnership' with the broker. 

A good CPA will protect you from yourself here.You need a regarded tax entity (partnership, S Corp, or C Corp) at the other side of the table if you want a true self-rental for income tax purposes. 

Hello all, I am looking for ideas on how to structure a real estate partnership between 3 people.

I'm currently in talks with CPAs and lawyers to explore and make a decision on the best way to structure our partnership and LLC (the property will be held in a legal entity).

You mentioned "our LLC" relating to you and your brother.You are creating a partnership tax entity for federal income tax purposes and will be required to file a 1065 annually, along with applicable state and local partnership income tax returns.This situation should be discussed with your attorney and CPA.