Building a partnership for mobile home parks

[Account Closed]

I'm stuck and need help finding the next piece of the puzzle! 

I would like to structure a partnership to purchase a 15-30 lot mobile home park in the NE Tennessee area. How would you structure the partnership given: 

1) The purchase price will be around 450k 

2) I may qualify for a commercial bank loan with 115k down (a loan officer said I would qualify, but I don't want to count on it too soon). 

3) I can find owner financing deals with around 100k down

What I have to offer:

1) 50k

2) I am able to do almost any type of renovation work (I'm a full-time flipper)

3) Flexibility of time/extra time

How would you structure a partnership in this scenario ?

Can/should I just use a 65k private money loan instead and how would I structure and secure that loan? 

Thank you all very much for your help, it makes life so much easier!

[Derek Robinson]

I recently started a private equity firm, focused mainly on mobile home park investing.  I spent considerable time (and money) with a real estate and business attorney to learn the best way to set this up.  It gets a little confusing:

I start an LLC, let's call it MHP Equity

Each park I buy goes into a Partnership entity.  So say I buy a park in Florida with investor A,B, and C.  I create the "Florida Estates Partnership".  MHP Equity is the managing partner, investors A,B, and C are passive partners.  MHP Equity has 25% ownership of the park (earned through finding the deal, management, etc.)  Investors A, B, and C split the remaining 75% dependent upon how much money they put into the deal.

The next park you buy, say in Georgia, goes into a brand new Partnership entity.  MHP Equity has 25% ownership of this as well and is the managing partner...and so on.

Putting each park in it's own entity gives you more legal security.  If someone tries to sue, they first have to sue the partnership, then MHP Equity, then you....three levels of protection.

If you decide to put any of your own money in, you'd be and investor separate from MHP Equity.

Hope that helps and isn't too confusing.