Buying a new property with a partnership

[Paul Baghis]

My wife and I currently own a 6-unit and a 3-unit. We are looking to purchase another 6-unit, but we don't have enough cash ourselves for the down payment. So we'd like to bring our parents in as partners for this investment. It would be something like 50k from us and 75k each from them, for a total of 200k to use as a down payment.

Her parents are not U.S. citizens, and my parents have only average credit because of a business bankruptcy in their past.

My understanding is that banks want every partner over 20% on the loan. How could we structure this to get around that, so that myself and my wife are the only ones on the loan?

My thoughts were that our parents would give us the money, we would buy the building and put it in the name of an LLC that specifies our partnership arrangement.

Thoughts and ideas? Thanks!