@Barton Louie - So you are proposing partnering on a property management business, not a property, right? Just asking because 50% of the management fees on 3 out of 4 units isn't very lucrative. Are you sure you can lease and manage rental property without a license in your state? It just doesn't seem logical to take on the expense of an LLC from and expense standpoint for such little income. This is a guesstimate on the numbers - $750/month income on the 3 units. If the management fee is 10%, that's $225/month if all units are full. Divide that by two and your income is only $112.50. Someone would have to do the books for the LLC, and you would have to have insurance for the PM company and pay to have a tax return done. Doesn't make financial sense.