Should you a purchase a 4Plex with a partner through an LLC?

[Kody Kilshaw]

*Please disregard the subject typo.

The reason I am looking at a 4 plex is its an entry into multi-family properties without being subject to commercial lending. I'll need an equity partner because the deal is not as attractive if I have to leverage half of the down payment/closing costs. Which I'd have to do if I went at the deal solo. I've found an equity partner, but now we need to figure out the best way to structure the deal. Can we purchase the property through a equally owned LLC without being subject to commercial lending, or if we decide to go the LLC route do we have to get a commercial loan? If we'd have to get a commercial loan using an LLC, what other options are there to share equity while using a residential loan?

All thoughts/advice are appreciated.  Thanks in advance.  

[Rob Harris]

@Kody Kilshaw - Unless the LLC has a significant history and performing assets, you will have to personally guarantee the loan (each of you)..... Big banks bock at lending to LLCs from my experience without substantial performance records for an extended length of time..... I received much more traction when approaching community banks a providing them with solid info to demonstrate ability to perform. Even though my LLC and the LLC I have with a partner, they still want a personal guarantee....

Hopefully some of this helps!