Need help understanding my financing options for first rental property

[Jacob Ramsey]

A partner and I would like to purchase a residential multi-family property this year. Most likely this would be a duplex or triplex. In the areas that we are looking at, the property purchase price would be under 200K. We plan to form an LLC where we have a 50/50 split of the entity. I did not realize that if you wish to purchase a property using an LLC, that you would have to get commercial financing. I'm finding that most commercial lenders are only offering 10-year terms. I think I have the basic understanding that if we were to purchase in our own names, we could get a conventional 30-year. If we were to make the purchase using an LLC, then we would have to find a commercial lender. I like the idea of purchasing through an LLC for the added protection, but it seems like the financials don't make sense on a commercial loan. Are there commercial lenders out there with better terms and rates? I'd love to find a commercial lender with a 30-year term, but it seems like that is hard to find. I keep circling back to the idea that the only option that would work financially is a conventional loan, but I don't like the idea that I would have no protection. What are my options to make this work and pursue a property?