@Kevin WhiteYou want to consult with an attorney to draft up an operating/LLC agreement.entity wise, it looks like an LLC will likely be your best bet with each family member being an LLC.Make sure not to skip the step of speaking with an attorney.

Jack, great question and very wise of you to place it.

Seriously, if you real estate agent is advising this might even possibly be a wise choice, you should look for anther agent.

You are in a good place, just redirect your strategy with your 60k wisely.  

Property is under contract and lender is set and just trying to figure out the best way to do it $ wise.

The other possible option (would put this in the middle risk wise between high interest savings account and the stock market) is to loan the money out to a flipper/BRRRR investor on a shorter term time horizon (6-12 months) at a pretty heavy interest rate.

---------------------------------------------------------------------------------------------------------On this July 22nd, 2020, I have checked with what a Rental-owner has on U-Tube, his name being James Wise.

I don't want to be penny-wise pound-foolish.

I can’t do that on every property so I was looking for something to help them to make wise decisions on their own based on figure they use.

1) Decide what you want to do 5 years down the road, RE agent, building a portfolio2) Figure out what makes a good/bad deal for you return-wise.