Purchasing Land w/ Partner as An LLC : Future Implications?

[Carter Wallace]

Hello All,

I'm considering buying a property 50/50 with a business partner as an LLC. The property has two homes, and we will be inhabiting the homes separately. The deal is off-market, and we're getting a deal relative to what its market value is. I'm writing to get help in calling out any nuanced blind spots that I may not read about on legalzoom, etc. I'm particularly interested in borrowing against the property in the future to continue on with more real estate investment. How might it look like to borrow against the property in the future when we've improved it a fair bit, and I'm ready to invest again? How will this impact my personal debt to income ration? For context, my partner is putting %50 of the purchase price down in cash, I'm putting 1/3 of my %50 down as cash, and taking out a loan for the remaining 2/3rds. We should be able to pay down the mortgage entirely within 5 or 6 years. Thank you for any and all advice!