(Newbie) Partnership financing

[Nick Campbell]

I am looking for clarity - 

I am a newbie looking to invest using the BRRR or buy and hold rentals. I've found a good agent and I've been looking at properties and analyzing deals, but the numbers have not panned out yet. I called a bank to ask about getting pre approved so when I find the right deal, I can act quickly. I have a partner who has equity to do a cash purchase (under 100,000) or provide the down payment for a larger purchase.

Brrr - I understand the financing - cash purchase and refi

Buy and hold - Can my partner cover the down payment and rehab and I use conventional financing for remain 80%. (the banker said no, that I would have to have the downpayment myself. Can I simply have my partner on the loan like a cosigner or do we have to form a LLC prior to purchasing a property. My partner and I planned on having each property be an LLC versus creating a LLC business because our partnership terms may vary depending on the type of property we purchasing.

Any information on the best structure of partnerships and financing options is appreciated.