Financing structure for rental cabins
I am looking at a $1.3m property that has several rental cabins on it. Currently, I only have about 60k liquid to make the deal, so will need additional investor. How would you structure your deal? My first thought is an LLC, with a partner putting in the rest of the down payment and giving them an equity position. The LLC would then apply for SBA financing, and we would arrange for an equity buyout of the other partner over a term.
Other choice is seller financing, but again will need assistance with coming up with enough down payment. Would you still do an equity position for this partner?
This property has very strong financials, and management/employees will stay in place.
This will be my first dive into the commercial side, so any suggestions/ideas are welcome.