Need Advice on How to Finance This Deal

[Andrew McCotter]

Hey guys,

I have a property in Chicago that my business partner and I submitted an offer on.  Its 1 Bed/1Bath Condo for $159K that will rent for $1600 a month easy.

We're in the process of closing on two other deals, one of which is my going to be my personal residence.  So as of right now, I cannot take out a mortgage on this new property as it will affect the status of my mortgage on my soon-to-be residence.

My question is this:  The two of us together have about $500,000 in liquid cash.  Our goal by the end of the year is to have 6 properties purchased and rented out, so we don't want to burn through all of our cash on the first 2 or 3 deals.  With me not being able to apply for a mortgage right now as I do not want to disrupt the deal on my other unit,  what is the best way to finance this deal so that both of our names can be attached to the property?

Andrew