Looking for perspectives on setting up JV for note purchase

[Bob Malecki]

I've got a local private lender who wants to do a joint venture with me to fund a NPL. He's funding the deal and expenses, I'm doing the diligence, acquisition, workout, etc. We then split the profits.

This may turn into a multi-asset situation down the road, but right now we are just doing one note, which really doesn't justify a full LLC setup. I thought about doing this in a Personal Property Trust, but still would need to get a fed tax ID, open a bank acct. etc. Trying to keep it as simple as possible on the operations side.

Does anyone have any thoughts on a simple but safe setup? It will be my company and him personally. 

Best Regards, 

Bob