Posted by Garrett Sutton on August 18, 2004 at 19:41:48:
There is every reason to use a LLC. First, if you get sued for something involving the duplex, you and your friend’s assets are both at risk. Second, if your friend does something incredibly stupid regarding the duplex your personal assets are at risk for his actions. Two people can most certainly come together to form a LLC to hold real estate. It is done all the time and you should consider it very strongly as well. Good luck, Garrett