Purchasing 1st Short-term rental property as a partnership
My husband and I are purchasing our first short-term rental property as a 50/50 partnership with his parents and I am not sure where to start as far as setting it up. For accounting and tax purposes, do we need to have an LLC set up? Initially we planned to do this on our own and did not plan to create an LLC until we had a few properties, but are wondering if we have to for accounting purposes since it is a partnership. For those who have partnerships, anyone doing it without an LLC?