Refinance rental property in a partnership

[Sam Frank]

Hi Baltimore Investors and BP Community,

I work in a business with one other partner. We would like to own all of our assets 50/50 going forward. We are interested in getting into the rental property business and are beginning to map out the legal framework for taking on these properties.

The situation is this - we own a licensed GC business and are 50/50 partners. We have identified a private money lender who wants to finance our pursuit of BRRR deals in Baltimore City. The refinance seems to be key here, because it allows us a simple way to pay back the loan as soon as we stabilize a property. From what I understand, lenders typically won't put a mortgage on a property owned by an LLC.

So how can we refinance these projects, and maintain this 50/50 split of rental incomes on all properties we acquire going forward? If we were to put the properties in our own names, we could purchase an umbrella policy which I understand would provide us asset protection (thus, no need for an LLC), but if it is owned in one of our names, all the profits legally would go to the person on the deed.

Any solutions you guys have seen?