Hard Money/Business Partner Payout

[Jarred S.]

I was hoping the bigger pockets community can help on this one. My business partner and I have contacted some HML to finance our first property. The only concern I have is that the loan will be in my partners name because they won't loan the same amount to me with my student loans. My partner is fine with that. However, I am having trouble deciding how to work out the profit/risk allotment to each of us. I am putting in some cash in the deal and we have set up an LLC with a 50/50 partnership. Can anyone provide ideas on how to agree on the payout or risk? I don't think it is right to split the profit 50/50 and him be on the line with the loan. On that note, I am not even positive it works like that if we can get the LLC on the loan then I would have a larger risk assessment personally but it will still have to be funded off of his personal credit. Is this information accurate? We have a solid partnership and that is not either of ours concern I just don't want it to bother him. We are trying to build a long term business and all my money will be reinvested anyways. Any feedback would be greatly appreciated.