Tax Mitigation Strategy when forming Partnership

[Jon Dorsey]

Looking for advice on how to structure a deal to minimize tax consequences for my partner. 

I am partnering up with another person who just wants to bring money to the deal. All they ask for is equity appreciation down the line and would love not to have any annual distributions to pay taxes on. 

Any idea if we can form a LLC and setup the operating agreement in a manner to do this? Basically I take all the NOI every year and we split the appreciation when we sell?

Or just setup a note or personal loan to minimize income?

SDIRA is not an option. 

No disclaimer required, I got it. Just trying to see how to skin this cat. 

I appreciate any insight and will talk through ideas with my attorney and CPA.