Question about structuring rental investment partnership
Hello, I'm looking to get into real estate investing and have a partner that has experience in property management that I would like to invest with. My partner has a great credit score and W2 income but needs capital for a down payment. I can provide that capital.
We have looked at structuring the partnership as an LLC but our mortgage broker is telling us that this will prevent us from getting a mortgage or at a minimum result in a higher interest rate. I have read that some investors purchase in their personal names and then move the property title into an LLC but also that this could cause issues.
I imagine that I am not the only person who has dealt with this issue before so I am wondering if anyone has advice or resources they can point me to on how to best structure a deal where one partner will be providing the down payment and closing costs and the other will be obtaining the mortgage and managing the property.
Thanks in advance.
Dave