? on doing a deal with 3 parties but loan under one person

[Tip Lee]

Hi everyone, 

I have a question regarding doing a deal with 2 partners. Here's the scenario. 3 partners, equal shares, buying an investment property. All 3 will be on title, but the loan will only be under one person. We will create an LLC to operate out of.

The business gross' $2000/month. PITA =$1000/month. So the LLC nets $1000 month and that is split 3 ways. Easy enough. My question is when the person who has the mortgage in their name goes to get another property, will the lender look and see that the property gross' $2000/month and allow that person to count 75% of it? Or since they are only 1/3 owner of the LLC do they just get to count 75% of 1/3rd? Ideally, I think they should get to count $1000 of the gross (to cover the expenses) and then 1/3rd of the net correct? What is the best way to set up the legal side of this so that the person who is on the loan does not reduce their borrowing capacity in the future?

Thanks so much for the input.