Group Investing Ways to Proceed

[Tim Kirk]

My wife and I have our own LLC with 3 single family rentals in it...adding #4 next week.

I've been toying with the idea of reaching out to our siblings to see if they would like to join financial forces and buy 8-10 properties together over the next 8-10 years. 

Let's say it happens and we all agree to proceed. 5 partners total and let's say we plan to buy 8 properties over the next 8 years. Would it be best to create a new LLC with the 5 partners as members?

[Marcus Auerbach]

PLEASE DO NOT DO THIS! 

There is a 90% chance it will cause damage in your family. Partnering is generally a bad idea, at least partner with a strager, so if you end up in court, you don't loose your family on top of that!