Taking Title Under Limited Partnership

[Jarrett Duncan]

Hello BP community,

I am in the process of putting a duplex under contract and am looking for some feedback.  I have 2 equity partners in the deal who are contributing towards the down payment for a minority equity stake in the property.  I want to form a Limited Partnership with myself as the General Partner and my 2 equity partners as Limited Partners, so as to protect them against any liability on the property.  I will then take out an umbrella liability policy for myself. 

My question is do we need to take title under the Limited Partnership name, or can we just have individual investors names on the title and still be covered under the Limited Partnership agreement? The reason I ask is the lender will not allow a conventional 30 year mortgage to be placed under a LLC or LP name, it must be through the individuals names. I would need to pursue an adjustable structure in order to take a loan under the LP name.

I'd appreciate any feedback you all might have on this.

Thanks!

Jarrett Duncan