Buy out 2 siblings and use property for investment

[Mark Paskach]

my wife owns a home with her brother and sister. Neither of them can afford to help pay taxes... ins.. or upkeep.  We want to buy them out and use property for buy and hold rental.  It needs some work. There is no debt on the property. This would be our first investment property.  Do we need to set up an llc... just looking for suggestions.  

Thank you in advance

Mark