LLC setup for my first Rental property?

[Mallikarjun Reddy Pateel]

Hello BP Community, I'm ready to land my first deal. no out of pocket cost for me. it generates $200 cashflow for me + 20% COC for my capital partner and we both get equity end of the loan term.

so my question is it's a 4 unit+ single family on same lot. I'm using PML to lend 80% LTV. at what stage do I setup LLC? it's in Illinois. can I do it after purchasing? or it has to be done before the acquisition? any other advices for this newbie? Thanks!!