Rental Property: Multi-member LLC vs Tenants-in-Common

[Brandon Wesley]

Hi,

I'm new to the forum; it's a pleasure to be part of the group. I'm considering purchasing a rental property with a family member and would like to hear your thoughts on forming a multi-member LLC holding the property vs two single-member LLCs holding the title as tenants in common (TIC). Details:

• Cash purchase and cash rehab of house - no loans
• Lot contains a house and garage. Plan is to subdivide lot, sell a portion of the raw land, and rehab the existing house for a rental that we will hold long term before sale. 
• I live in MD, partner to be is an NC resident.

Questions:

• My accountant suggested a multi-member LLC, but wouldn't holding the title as 2 single-member LLCs eliminate Maryland tax filing fees as well as the NC partner being hit with both MD and NC tax on out of state LLC partner's earnings?
• Would either of these options simplify an eventual 1031-exchange?
• Ideally, I'd like the option for us to disproportionately distribute expenses and associated deprecation or tax deductions. For example, I fund payment for roof replacement and therefore can deduct the depreciation from my taxes as opposed to splitting it 50% with partner. Is this easier to achieve under the multi-member LLC or TIC single-member LLCs structure?
• Any other recommendations?

Thank you in advance for your feedback.