First Duplex, LLC or Limited Partnership?
I am about to submit an offer on my first home, a duplex that my wife and I are going to buy with my brother and his wife. We are planning to live on either side for a few years, rehab the property, then refinance to pull out equity for new homes, then rent both sides out. To be able to buy the home, we need both of our incomes to qualify for the mortgage.
Should we form an LLC to buy the property or operate under a Limited Partnership?