Private Investor wanting equity in deal

[Adam Romano]

Hi - 

My partner and I recently came across a rental property where we would use private money to come up with the down payment as the property will be financed via a traditional mortgage. My partner and I have an LLC and our private money investor came back to us asking for equity in the deal. They are originally not part of our LLC. We are looking for feedback on how to properly execute this deal with the private investor where he has ownership in the deal? Do we create another LLC with the investor as an owner too? Have a real estate attorney right up an agreement? Thanks in advance for the help!