How to Partner with Private Money?

[Joseph Crunkilton]

All, 

I'm looking for advice on how to structure a partner deal with private money on an SFR. I just purchased my first rental and am looking to acquire another asap. The only hiccup is with the ring for my girlfriend I don't have enough for my own down payment.

I have a family member with the money to cover the deal and interest in partnering. We can split the money, I just don't know how to officially partner. I will do all the work for the deal while they will provide most of the capital. Do we get the same mortgage? Do we just draft an operating agreement? I do not want to start another LLC as I'm a W2, 1099 and own my own LLC.

Thank you for the help!