*** HELP *** structuring deals for a first time!

[Shak F.]

Two of my friends and I are trying to purchase an investment property at around $300K in cash. One of my friends will bring 80% of money and another friend is bring 20%. Among three of us, I know relatively more about the rental investment (I have 2 of my own). I will be looking for property and will manage the property. There will be no PM. Note... these friends don't like to lend loan 🙁 .

Initial thought, I plan to form LLC and have all of us members. I will own 15%, another friend 17% & 73%. Once we sell, they will get their money first. From the profit, we will distribute my by LLC owner allocation.

• >> Is there anything wrong with this approach?
• >> Are there other deal structure that I can present without I bring any fund and will only provide the value and management?
• >> Will there be any tax implication?
• >> Is there anything else I should look into?