I strongly recommend getting involved with your local REI meetup groups so you can work out your pitch with help from other landlords.I hope this doesn't come off the wrong way without tone or facial expressions behind it. 

Lenders want to protect their investment not because of possibly you but your profile (little equity / assets etc) which is common for someone in their early 20's - want to make sure skin in game.

If they are paying little to no money at closing, what skin in the game do they have?

We won't lend without some skin in the game.

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

The real design is in the site planning, scientific floor plan and the bones and meat that's underneath the skin of the house that actually makes the house comfortable to live in. 

They will fund 80-90% of purchase and 80-90% of renovation but not one or the other if that makes sense. they want skin in the game from both sides (acquisition) and renovation. 

And I feel the ideal portfolio can benefit from the diversification of both.1) Holdfolio isn't a match for me, personally (due to not enough experience, skin in the game, etc).

What is the best way to handle it so that both LLC members have a skin in the game?

Just remember you are spending time and money to improve a space that isn't yours and you're not able to take the improvements when you leave, ownership should have some skin in the game especially in a new build.