Partnership/Lending Structure

[David Silber]

I'm working on buying a 2 family rental with a money/credit partner. He wants a guaranteed return. He'll bring the down payment and the mortgage, and I'll pay him a personally guaranteed %15 return on his down payment.

It's a great deal for me too since I'm effectively paying %7.5 interest on a $0 down (or nearly $0 down) investment.

I'm thinking of forming an LLC and have him lend it the down payment and then the LLC would pay him %15 annually and I'll keep the rest.

Would a bank lend to a new LLC (preferably owned by myself) with the backing (recourse loan) of a qualified individual?

Is there any better way to structure it?