I received the following message recently and thought I would share it since my response may assist others:Hi Andrew, I just noticed your reply to the investor talking about having a LLC partnership and was wondering if I could ask you for some advice.If I buy a property with 50k cash and my partner pays 100k cash =total purchase, can we then do a cash out refinance in 6 months or less for 70% LTV with ARV 185k.

Has a crew who can do the flip but not using for this flip.Partner -2 - Has a Crew and paid 50% (5K) on the property and is named on the deed with Partner1. ( been in partnership with 1 for sometime)partner -3 -Myself - Has no experience with Flipping and is asked to invest about 45K in rehab costs.

It has an apartment that is rented out in the back and an attic that is plumbed for an apartment addition, so there is an income producing aspect to it even if I purchased it as a primary residence.My question is can I purchase the property with a partnership LLC (which already exists and owns property) and then rent the main house from the LLC for myself to live in?

just vet your potential partner very carefully and remember dont limit partnership to financial contribution, i have had sweat equity contribute an offer from physical contractor and it means the world to me!

Should be INC or just a partnership.

Anyone have experience in this type of partnership?

I would find a lawyer to write up a partnership agreement.

I am torn on whether to try to find new renters, sell it or do something creative like find a chef that wants to run it and do a silent partnership.  

I'm assuming here there is just this one property in the LLC and your partnership agreement had you splitting everything 50/50. 

I'm in the process of setting up a partnership with 2 other investors.