New Investor - Partnership Question Concerning LLC & Value of LLC

[Keaton Bergstrom]

Hello all!

Over the last couple of months I have been having conversations with one of my good friends that I currently work with (non-real estate related). He's been doing realty for 3-4 years & offered to bring me in on a deal we both found mutually beneficial (after running the numbers & whatnot the house that we're putting an offer in on looks like a great deal!).

He's wanting to charge me a 20% of the Down Payment + Closing Costs for having this property under his LLC and for him taking me under his wing; this seems quite excessive to me. We'd still keep the ownership rates the same point-forward after this chunk (49% me, 51% him - is there anything I need to be worried about there? I didn't find anything in the agreement that made it look like his majority ownership trumped me in any way...) but essentially he'd be paying 31% of the DP+CC & I'd be paying 69%.

I'd appreciate any insight/help y'all can give me - this interaction has made me aggressively second-guess the decision to enter this partnership as it feels like he's trying to slip one past me. Thanks all!

Keaton Bergstrom