Looking for Advice - Adding an Owner, LLC vs Trust

[Stephen Dropkin]

Good afternoon,

I am a relatively new member, first time making a post, and looking for advice on a couple of questions that I have. I am grateful for a resource like this and am hoping the Bigger Pockets community can help.

I currently own a rental duplex with my brother in Minneapolis, MN, and the property is only in my name for the time being. I plan to move the property into an LLC or trust.

1) Prior to moving the property into an LLC or trust, is there a means of contractually ensuring that my brother is a co-owner of the property? I am planning to refinance it into an LLC or trust after a bit more rehab.

2) What do people recommend in terms of selecting an LLC vs a real estate trust in Minnesota? My plan is to own many "buy and hold" rental properties with multiple partners. Ideally, I would like each property to be individually protected from the liability of other properties.

Thank you in advance for the advice!

Stephen

[Daniel Anshus]

@Stephen Dropkin for #1 you and your brothers could be equal partners in your llc. I would make sure and tell the bank your plan beforehand. Different rates and terms.

For #2 talk to a real estate attorney for best answers.