My company has non real estate (automotive related) operations in CHA/ATL/DFW/TPA/NSH/PHX, but I have family in Nashville and have grown to love Florida in my travels.  

For STARTERS we don't know if we should open an LLC together and start to buy properties with private money via LLC OR if we should each get conventional loans independently (tenants in common) with an operating agreement in place.

Tenant-does this operator/franchisee have multiple locations or just this one, is it personally guaranteed?

If you want the protection from the LLC, make sure you are operating under it.

Current situation is I have a place with a buddy of mine his name is on lease and all billing.

I would only pay the mortgage off with excess cash flow that was not needed for the running of the asset.. if your making a few hundred a month positive whats that going to do for you mine as well pay it down so you don't just spend the money on dinner closes starbucks etc. 

I do travel fairly often back and forth but day to day operations are handled by my immediate family.

I have two questions:What should be in our Operating Agreement (partnership)How much, if any, should my siblings rent be now that she owns 1/2 the building

This place is a gold mine! 

Firstly, it has been a lifelong dream of mine to be able to be able to afford a Lamborghini.