2 Person Mortgage, 1 Person Deed

[Mike S.]

Hi all,

I have a Single family rental that I'm looking to purchase but could use some help on the structure component. 

I plan to partner with my father for the 20% down payment, I'd finance the remaining 80% through my lender.  Since you can't receive gift money to make the down payment on a rental how would you go about structuring this?  I don't want to do joint ownership on the deed but rather want it solely in my name. 

Ideas: 

1. Open a LLC and create a LLC bank account. Father pays money into that account since some banks don't "source" the funds through a business account.

2. Put him on the mortgage but not on the deed.  What would you need for documentation on this? 

3. Help?