I’ll start with the obvious. 1) Bullet #2 is problematic on multiple fronts. 2) Overall, this would not fly with many lenders (e.g. commercial bank lenders) because in bullet #3 of your scenario you are making the lender an equity participant.
I would think it would be easier (keep it simple) to have a (single) private lender as a financing partner, with a single investor and a single LLC. The private lender finances with debt, equity, or some combination… based on the individual deal and the lender/investor needs.
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