How to hold title in NPN purchase?

[Bill B.]

Hi,

I'm working with a mentor to purchase my first NPN in OH.

We've done DD and are proceeding to purchase. I assumed that the purchase would be held by his corp and my corporation jointly. However, he just asked that I hold the note SOLELY in my corporation with us executing a JV on the side.

I balked.  

I said that I wanted both corps listed as owners (I want him on the hook, to keep his "interest" focused)

He countered with listing the JV as owner, with me as the managing partner.

If I recall, this leaves me with the liability, too.  Am I correct?  If so, how SHOULD the purchaser be documented?

Am I correct that I'm going to be the responsible party?

Thanks!!!

The Paranoid Man