Joint Venture Questions

[Nick V.]

Hi Everyone,

I am in the process of completing out 1st JV deal. But I am unsure how to set it up "legally/legit".

My parents and my wife and I will be owners  (split 50-50) my parents will be paying the down payment/closing costs/reno costs and we will be completing all of the work, managing and operating the property. 

We would like all parties to be on the deed, but only my parents will be on the mortgage. I have called a few lawyers to ask if we (my wife and i) can be on the deed with my parents but not on the mortgage, and they all seem to say that if you want to be on the deed you need to be on the mortgage as a bank typically wouldn't allow parties to be on the deed and not on the mortgage.

I am wondering how others have done this. Is it simply an agreement between all parties stating the details? or how can it be more of a "legal" document?

Any information would be very helpful.

Thanks,

Nick