Least risk to a financial contributing partner

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I am looking to purchase a Fourplex but my debt to income is too high to secure a loan. I was looking to bring in my father-in-law to assist in securing the deal. I have $60K cash I can work with which would cover a down payment. Any suggestions on how to set this up to where I could present the least amount of risk to my father-in-law? Do we take out a loan jointly? Do we create a S-Corp to purchase through? Is there a way for me to still secure a loan in my name and have him be a cosigner? Any suggestions on what route to take?

Originally posted by @Travis Evenson :

I am looking to purchase a Fourplex but my debt to income is too high to secure a loan. I was looking to bring in my father-in-law to assist in securing the deal. I have $60K cash I can work with which would cover a down payment. Any suggestions on how to set this up to where I could present the least amount of risk to my father-in-law? Do we take out a loan jointly? Do we create a S-Corp to purchase through? Is there a way for me to still secure a loan in my name and have him be a cosigner? Any suggestions on what route to take?

To get a 30 year mortgage on the property you'd need to buy it in both of your personal names. Banks won't do the 30 year residential loans to LLCs or S-Corps 

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