Hard money wants to fund deal- but not enough liquidity

[Account Closed]

Hi Everyone,

I have a very solid deal in Evanston (Chicago suburb) but some hard money lenders don't like my current liquidity. 

Here are the numbers:

Purchase price: 102,000

Repairs: 55,000

ARV: 230,000-240,000

I currently have 25,000 and 20,000 on my 401K. I'm leaning towards partnering with a member of BP who I met a while ago. And I offered him a 10,000 profit share if he funds 10,000 of the down payment and has enough cash reserves to make the HML comfortable with the deal. What's the easiest way to structure JV partnership? Should we go with an attorney? Can we form an LLC where I own 75 % of it and he owns the rest?