Purchasing with a private loan/using LLC?

[Burt Gourley]

Hello as always thank you all in advance for the shared knowledge. I recently had issues with a bank loan falling through at the last minute, and lost a deal. Fast forward a few weeks, I found another but this time I am borrowing a portion of the needed funds from family and covering the rest with what I have available. I am in need of some quick advice on the best way to approach this to protect both parties. This family member wants to keep his share in the property until paid off obviously, but is afraid of tenants suing and coming after more than just this one property. He seems to like the idea of an LLC but doesn't want the management. paperwork or anything else the LLC might bring. Can anyone shed some light on this? I am supposed to close in a few days and I want to make a well informed decision on how to approach this.

thank you guys so much!