Adding partner how to and ramifications

[Michael Clausing]

So I have a money lender that is willing to lend to me, B2B which I prefer, but since I am new to rental home investment and never done it before they want me to have an experienced partner on the business with me with at least 30%-40% stake. It just so happens my brother-in-law is experienced in this. I assume the best way to do this is update my operating agreement to include the partner. I'm sure I am missing something but what could go wrong? Is updating operating agreement best/only way? How does this affect taxes, payout, liability, etc. ? Any thoughts, concerns, questions, tips are really appreciated. Still trying to land my first one.