Options for Financing an LLC for 1st Time Investors

[Robert McCormick]

So two friends and myself have been thinking about starting an LLC to get started investing in small multifamily properties in our area in Northern New Jersey. We are somewhat familiar with traditional financing through a mortgage lender, but are considering forming an LLC where we wouldn't be personally liable, should things turn South. It is also worth noting we are new to real estate investing and don't currently have any deals under our belt.

We are not too familiar with LLCs, so we are curious what would be the best way to go about funding this venture, if we did take this route.

Are our only options obtaining capital through private lenders or are there more traditional loans out there that are also available? Also does our lack of experience negatively affect us in a way that would severely limit our options, if so what other options would be available if private lending is unavailable?

If you were in our spot, what would you do?

Thanks!