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Limited Partnership Legal Structure
I have a silent investor offering $200k in funding. He is not interested in day to day operations (too busy with other prospects) and does not want the headache of paperwork. We are going to form a Limited Partnership. I would like to leverage the money to the max but understand that banks do not really provide loans to LLC's or LPs directly. My name will be on the mortgage note for obtaining the property for a good rate (do not want to go commercial loan route). I have enough for 20% down from my personal funds an the Silent Partner will reimburse me for the down payment afterwards. How do I make sure the Limited Partnership has the ownership of the property legally. My name will be as the primary owner but how do we make sure LP (and investor) have legal rights / ownership of the property as well. Is there a clause I need to put in partnership agreement? Or is there a legal method. I know moving the Mortgage after acquisition could result in the lender recalling the loan. I do not mind keeping in my name but would like the Silent Partner structured to where he legally owns a portion as well.