Purchasing Buy and Hold properties with LLC and mortgages

[Bradley Britt]

My partner and I want to purchase buy and hold properties together. The houses are in the 130-150k range, all pretty much turnkey. His main concern is having them purchased through an LLC because he has a lot of assets and wants to protect his personal wealth. He already has a connection with the bank to loan us what we need at 4.5%, so the houses will be cash deals, but we will pay off business loan. This apparently has been the advice of attorneys and CPAs because they say it offers more protection.

Could we do the Following: take say 50k business loan from the bank, and use that as a downpayment, but get a mortgage personally guaranteed in my name? The LLC still owns the property, but we could get a lower interest rate, and my partner wont have to worry as much about liability becasue i will personally back the mortgage, which from what i understand is that an LLC can have a mortgage but one of the individuals has to be personally liable on mortgage.

My thinking is we will concentrate on paying off the 4.5% loans with excess cash flow as fast as possible, then once we only have the mortgage we should have a really solid cash flow at almost half interest rate.

Thoughts?

Edit: My partner already has his business loan connection at bank and has bought 5 houses following the business loan model. 4.5%.  He has really deep pockets and excellent credit