RE Purchase with Friends

Have a few residential - rental properties - have done fairly well over the yrs with RE investing…now seeking a new venture. Making a purchase with 2 other couples ( friends )

Investing in beach front rental home, with intent to rent most of the time , and for our enjoyment use during the yr.

Each couple = 1/3 - so seeking advice, suggestions. Look to put down 25% on home - approx 350K . Set up LLC . Property Manager, will need documented exit strategy. cash-cushion fund, etc

What suggestions, advice, tidbits can be can you make…as it relates to avoiding headaches, confusion, etc?
Also any sources relating to beach rentals, anticipated expenses…potential income, ROI, etc ( thanks in advance )

How to keep these friends

Only way to move on this is for YOU to find and hire good business lawyer to structure the deal in writing.

That lawyer can’t/won’t try to represent anybody but you as you’re his client, not the others and this is how you’ll want to keep it.

He/she’ll help you set it up the way you and your friends agree but primary focus is your protection.