Best way to set up this partnership

[Mike Hanneman]

My father in-law wants to invest in my business. He is worried about his liability as he has assets.

We have already purchased a property using another one of his to pay for it. and is scheduled to close middle of May. The arrangements are that he paid for the property and I am paying his loan plus interest. He doesn't want to be involved in it any other way, just getting the interest and loan payment.

We have discussed setting up an LLC. With me as the manager. Have also thought about turning around and selling to me or me assuming the property loan. How would you guys go about this? So both sides win. Would also like to use the property to pull out the equity and buy another, so there's that issue that I'm trying to deal with as well.

I know we need to talk to attorneys and CPA but would like some info or ideas to bring up when we do meet with them.