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Alright so should I wait for the codex to come out before building the blood angels in the box? Or are the named squads given in the booklet equipped decently? Incase you don't have the booklet here is what they equiped the formation blood angels with:

5 terminators:
Sergeant has storm bolter and power sword
2 termies with s. Bolter and power fists
1 with s. Bolter and chainfist
1 with heavy flamer and power fist

5 death company:
Sergeant has bolt pistol and thunder hammer
1 with b. Pistol and power fist
1 with b pistol and power sword
1 with inferno pistol and chainsword
1 with b pistol and chainsword

So is that layout good for the two squads? I'm freshly starting blood angels and will be getting a chunk of models as well as a second blood angel portion of deathstorm to add to it. Idk what models I want to pick out, and idk if I should build the death company and terminators as the unit entry for the formation says to..

The wisest course of action would probably be to wait until the codex comes out. What's effective or "optimal" now might not be in a week, so I don't think anyone will be able to give you any helpful advice in regards to load outs.

Good point... So just hold off on building? I suppose I'll build the special character guy

I've been asking these questions for a while now so I'll just relay the little I know. First and foremost, don't make any purchases until the codex drops. There are certain things that are likely going to stay, like Assault Squads being major and Baal Predators being useful, but other things like Deep Strike Land Raiders and Death Company synergy are likely shifting. Descent of Angels doesn't look like it's going to be a guarantee anymore and that would hurt Jump Packs in general. Nothing for sure for another week.

But basic 40k says that Death Company squad has too many odd weapons to be very helpful. 5 base attacks at I1... It's just very scattered. Karlean and Squad Alphaeus look fine but Terminators were never top tier units anyway. The Chainfist is a bit of a waste but oh well. The Preferred Enemy Tyranids is a big help for my meta since my main army is Nids and it is typically used as a loaner for friends if I use any of my spares.

Depending on the wording in the next codex, twin pistols looks like it's going to be VERY common in Death Company but that's not a sure thing. It's atleast what I'm looking at primarily so personally, I'm skipping Rafen's squad and hoping to build something better.

Ten Death Company with different weapons seems like a MUCH better investment, using one Dread as the DC and another as a Furioso Librarian option, both with Drop Pods taking advantage of Karlean's Warlord Trait. But what looks like a Nerf to Blood Talons AND Magna Grapples reduces the DC Dread's usefulness as a TAC-Drop Pod unit... Just something to consider if you can get those models from that second set you mentioned.

Edit because Spelling is hard...

You can always start now, put the bodies together, then when the codex comes out just slap some arms on and you are good to go.

Termies aren't going to change much, so that's not really an issue; your only decision if whether you want 2 squads of 5 from your two boxes, or one of 10. I'd lean towards the latter, with 2 matched specials (CML or HF), as you can combat squad to get 2 units for 1 Elite slot, and also have a squad without the less useful Sergeant.

Death Co with JP look cheaper now, and I've always liked them with minimal upgrades; 23-25 points for 5 S5 attacks on charge is a steal, so I say equip them mostly with bp/CCW and throw in maybe 1 power weapon of choice per 5 guys, and possibly a pistol or two.

As for the Dread, I'd build 1 as a multi-weaponed Furioso (I think you get parts to build everything) and one as a Librarian or another Furioso as you like.