LLC for Cabin

[J W]

Hi, all. I apologize if this is a repeat. I searched through the blogs and found answers that danced around my topic, but weren't quite my issue. If someone has already answered this question, then a simple link to the response is appreciated.

Here's my scenario. A friend and I would like to buy a single cabin in Colorado as an investment. We hope to buy in 6 months to a year. We thought we might form an LLC in Colorado to purchase the cabin with 50/50 membership stake. We'll need to get a loan for the cabin (worth about $200k), but neither one of us wants to be personally liable for note (I know, nobody does). However, we are both willing to put down about $30k for a total of $60k. Is there a way to get a loan for the LLC with this kind of downpayment? Do they even give LLC's loans with the property acting as collateral? Of course, we have an incentive to not default on the loan, but didn't know if this option was even on the table.

Our plan is to pay for the mortgage ourselves (transfer money to LLC and have LLC pay bills); however, we will try to rent the cabin through an agency during times when we are not using it. I just don't know how successful we will be at renting the cabin. Nevertheless, we will be able to pay for the cabin out of our own excess money.

On a personal note, I don't have any debt. I own my house outright and I don't own any money on my cars. I'm great with finances, but I don't want to expose my family to any unnecessary financial risk (the mortgage isn't the risk so much as potential renters).

Any thoughts?