Investing with Partners

[Account Closed]

Hey friends!

I'm debating going into an LLC with 2 other people in which we will start an account, add our personal money in on a fixed basis, and buy our first property with a standard mortgage. We're all carpenters and have the means to fix up the homes, so possibly get two to start and move up from there. Rent would also go into this account. My question is whether or not this would be a smart move? We're all very motivated, and all have a business degree and plan to formulate business plans and do everything "by the books". Also would I have any ground to stand on if they don't uphold a part of their bargain? I plan to go out on my own in a few years, but think this would be a great way to learn, sharing the risk with two other people, and working together to learn about this business.

Thanks so much!