Something to keep in mind that's a large negative of condos as investments is that many will limit the amount of units that is allowed to be rented per complex and that would change during your ownership.

The buildings are also scheduled to be repainted in a few months and the complex is very well maintained.

Getting water and electric to it can be done fairly easily but drainage is another issue and usually pretty complex and expensive.First thing to do, before anything else, is to check with the county (or city as it may apply) and see if they would allow you to convert the garage(s).

And some inspectors have a God complex and will not approve things for the dumbest reasons.So a job that would take me 2 hours turns into filling out paper work, applying for the permit, paying a licensed person to do the work, getting it inspected and hopefully approved.

It makes no difference how you take it but your paying Uncle Sam.there is a difference with an S Corp (that is more complex) but an LLC does nothing for tax purposes.

Looking into buying this 22 unit apartment complex.

(i.e. are big complexes or small ones driving the data?)

If it is a small complex you could use letters Unit A, Unit B, etc.

This can be quite complex and you are in essence getting taxed on a tax deferred account (defeating the purpose).As Dmitriy pointed out, having your partner use their IRA to fund the deal as a note and deed of trust will avoid this taxation to his/her IRA so all you will need is loan docs drafted and executed.

@Paul LaGrandeur definitely explore all options... investing doesn’t have to be as complex as some like to make it out to be.