To LLC or Not? Two Investors in Different States

[Joseph Heimann]

A friend and I have been talking about investing together and have been bouncing around the idea of using an LLC. I currently live in Wisconsin and he works and lives in California. We would be investing in Wisconsin and surrounding states with mostly buy and hold rental properties. We are thinking 50/50 ownership.

Any thoughts on how to structure this? Use an LLC or something else? Any tax or financing concerns?

Thanks for the help!