Simple.

Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

For real estate investors, that means lower operational costs for managing properties and cheaper construction expenses.

You'll most likely still need a coborrower at first, but may be able to refi them out of the deal in a year or two once you have qualifying experience and operating history - then you can likely use all of the rental income towards your gross income. 

You'll find much greater difference in $$$$$ by refining your location/rehab/vacancy strategies instead of worrying about "how much it costs to borrow money" in this environment.Nearly all of my clients are more concerned with a simple and headache-free funding process, than the "lowest rate."

I think keeping it simple but nice is best.

I recently toured a property in Phoenix where solar power and water-saving features cut operational costs by nearly 20%.6.

Despite the house being operated for years by the prior owner as a STR. 

If it is a private money/ commercial style  lender, it is a relatively simple process.

If you operate under an LLC or other business structure, are there tax implications or requirements I should be aware of when paying myself?