Do lenders require LLC manager to be on the mortgage?

[Felix Stone]

Hi All - I would like to get into a partnership with a friend(non W2) who has been investing in RE for few years and would like to know the best way to structure the LLC such that mortgage lenders will be OK with him owning ~ 50% equity?

Asked differently, How do I get financing in an LLC with a partner who does not have a W2 and will do all the work?

More color below:

- He will do all the work and bring in the knowledge. Capital contribution TBD.

- He is going full time in RE so wont have a W2. Imagine that will raise a flag with the lenders because he will have more than 20% equity, likely around 50%.

- I am ok giving the personal guarantee on the loan just by myself. I have a full time job and solid credit. 

- He does not mind being on the loan. But we just do not know if the lenders will be OK with that.

- He will have NOT enough income from his investments when he goes full time in RE for the lenders to be fine. He will have decent liquidity in the banks.

Thanks so much in advance.