How to properly structure this deal?

[Paras Jain]

Hi All, 

Need a little help on how to properly structure this deal: 

Buying a property all cash for $160,000. 

Investor #1 (me) $70,000

Investor #2 (my partner) $70,000

Investor #3 $20,000 (for 10% equity in the house)

Strategy: Buy it all cash and then re-finance the property. Appraisals for similar properties in the area are anywhere between $200,000-$220,000. 

Questions: 

Should I open an LLC and make the three investors including myself partners on the LLC with appropriate share split (45,45,10)?

Should we buy the house under just my partner and my name and create a separate operating agreement which shows the 10% equity for the third investor? 

If we buy the house all cash, does the house need to season for 6 months before we can refinance it based on the appraisal of the property? 

If we buy the house under a LLC, and we go to refinance the property 6 months from now, will it be an issue since it's under an LLC?

Any guidance or suggestions on the above would be greatly appreciated! 

Thank You