Good afternoon. Yes, it would be advisable to own this in a LLC...it will prevent you from exposing your other assets to liability if there is a problem with the property. This LLC will prepare it's own tax return...Form 1065...and then those items will flow through to your returns via a K-1. You can allocate ownership percentage interests, contributions, allocations, buy-sell agreements, management, and any other agreements you make in the operating agreement for the LLC. That's where the 60/40 ratio rather than the 50/50 ratio would be addressed and then on the tax returns when prepared.
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