JV on my first multi fam

[Monica Litster]

I am getting ready to discuss a JV with someone. I am doing my first multi fam; he has many units. My original thought was to just work with him as a private money lender, where he brings the 20% down to the table, two years or less, interest only to allow a bank refi after a year. But I know there is a lot to learn. Is JVing the way to go? Then does he still bring the funds and we split the whole thing since I am bringing the deal to the table? How does this get set up and what would/could it look like? An LLC?

Thank you