Finance options in partnerships
Hello all,
I am developing a partnership with 3 other people who I know and trust well. We are looking to fix and flip our first 2-3 deals and use the profits to scale up towards buy and hold strategies. This will be the first deal for each party involved but we all have history in construction, remodeling and project management. We are currently discussing financial options for acquisition. We have a potential private money lender to fund our first deal and would most likely set up an LLC for this instance, but nothing has been set in stone.
In the case where this private money lender retracts their help, what options do we have in terms of credit union/conventional loan financing? We do realize that an LLC may not be an option in reference to conventional loan packages. We are actively sourcing CPA's/Tax advisors for legal advice and I was wondering if anyone in the BP community had any other suggestions or even questions that we may need to bring up during the advising meeting.