wife & I investing in property with her sister. one single LLC or two separate LLCs?

[Rick Figurasin]

Hi! 

My wife and I are investing in a property in Florida with her sister. Is it better to have a single LLC with the three of us or are two separate LLCs better (wife and I as one, sister as the other). We're not sure if there is a benefit from a legal/tax perspective.

How would that work in terms of reporting/paying for taxes?

Thanks!