Inherited property in California

[Troy Baack]

My wife and her sister will inherit their dad's home in CA. They already have a plan to utilize it as a long term rental. The question is how should the property be controlled between the two, specifically who should be on the title. Would a simple joint venture contract detailing how the property would be managed and finances handled suffice or should it be placed in an LLC that they maintain control of? Mostly looking for the easiest way to be able to manage the property while minimizing expenses. They do not plan on using a management company and would like to avoid the $800 a year fee in CA to maintain an LLC but understand that may be necessary. We will have a formal rental contract with the tenant and plan on a minimum of a joint venture agreement to cover ownership and equity, finances, management and responsibilities, decision making and resolution, and exit strategies.