Bringing in a Friend

[Chris Madrigal]

So I finally found a property I want to purchase. I don't have the entire downpayment and I really want to bring in a close friend of mine into the deal that also wants to invest and has the capital to do so. But he does't want to deal with everything that I would be doing.

I worked out all numbers with the BiggerPocket calculator and the numbers work our perfectly. 

I will be putting in the money for the things that need to be fixed or replaced.

Purchase Price is 150,000-160,000.00

It's a 4plex property. My questions are:

Can I have him put down the entire 15% for the property?

Will the banks be okay with that? If, so how would I go about speaking to the banks about using an investors down payment instead of mines?

Or what is the best way to attack this? 

[Alex Deacon]

@Chris Madrigal You can also do a partnership agreement where the title of the property is in your name but actual ownership of profits and losses are split. Also you can lend the LLC money or each partner can lend money to the other partner and the loan can be secured with notes and personal guarantees. Whatever you decide seek the advice of a few different attorneys to get some different opinions before proceeding.