Financing with partnership

[Rachit M.]

Hi BP team,

My partner and I recently are going through our first closing on a investment property. My partner (no W2 job; independently wealthy) is going to put up the down payment of 20% while I put up the mortgage (have W2 job; getting the best rate in my name). I keep hearing from mortgage brokers this is a possible issue. We plan to put it in a LLC. Can the LLC put up the down payment and I put the mortgage note in my name?

We are in NJ if that matters. What are my options?