Silent Partner & JV Structure

[Bryan Petrinec]

I am running into some issues in getting a loan for an investment property with a Special Power of Attorney document that allows me to operate on my partner's behalf to get and secure property.  My partner is a family member and we have a written agreement in place on how we both can benefit from this, but my partner wants nothing to do with the real estate transaction process, he is just bringing money to the table and will carry the loan.  This is our first run at this and I have obviously made a mistake in understanding what will be recognized and an approved method of doing this kind of business.    So in short (ish), since I have the time and desire to pursue this, and he has the money, we are targeting 3-5 purchases in the next 12-18 months.  I have identified our first deal and an offer was accepted.  

In going through the loan process, the mortgage company has pretty much told me that the special POA means nothing to them, and my silent partner is now in the mix with all of the loan details, which is exactly what he didn't want to do. We are in Texas and want to know what is the best structure that will allow us to accomplish our goals. My partner is getting frustrated, and so am I. I understand there might be some hesitation due to the fall out of 07 with straw investors, but my partner is willing to do what is necessary to prove he is real and has qualifying assets.... once.

So what is the mechanism we need to have in place to let me run this seamlessly and leverage his assets?

Thanks in advance.

Newbie investor