Partnership for Newbie

[Robert Shedden]

I am looking at purchasing two fourplex buildings for $500,000 total. I plan to finance $375,000 (at 5.550% amortized over 20 years)through a local commercial bank that works with a lot of investors. My plan is to borrow the $125,000 down payment from my Mom (at 4% amortized over 30 years). The commercial bank is OK with the personal loan from my Mom, but I would like to find another avenue as she is reluctant to loan money to a family member. My wife and I plan to manage the properties ourselves and will squeeze as much profit out of them as possible (based on all the research we are doing within the BP community) As I am new to REI and this would be my first deal, I am curious how a partnership could potentially be setup. I would gladly split the profit 50/50 if I could find a trustworthy partner to work with. But I don't know what that would actually look like. Any thoughts or suggestions?

-Rob