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What are the pros and cons of each when purchasing a property with a group?
LLC's are dependent on the state in which you reside. In California, for example, an LLC isn't as good as a corporation for a few of the tax benefits, however, the regulatory filings are much easier when compared with a corporation.
As compared to a Realty Trust, I don't know what the differences would be, as I'm unfamiliar with trust's as ownership or investment vehicles. The bit I do know is that real estate trusts are used for some highly expensive property that's intended to be kept for generations, and can be setup where they can't be sold, go public, etc, per the trust charter. An LLC can't be set up in that regard, eg, you can set more restrictions (I believe) on what a trust can & can't do.
The deparment of corporations or similar is a great place to start looking for more detail, and believe it or not, in California, they've been exceptionally helpful when I've called, which is every 3-6 months, as in the last two years, I've helped organized an S class corporation, C class, and an LLC :)
