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Newly formed LLC’s first purchase financing
Hello,
I have experience in residential RE but not multi-family, I would appreciate some coaching here.
Currently looking to build a team of agents, accountants, attorneys, developers, insurance agents and bankers in Scottsdale, AZ to buy my first building. I see a big hurdle though. If I form a new LLC or a Corp to buy the building, how will I finance it, given the company has no history? I can't put my own money down, since that would be mingling personal and business assets.
Is this a case where you add a partner who puts down the money for equity? And if yes, what is a normal split?
Thank you all.