Setting up an LLP with a family member

[heisthegaffer]

Hi all

A family member has a few properties theyve owned for 10 plus years with mortgages left on all of them. They're all in this persons name.

Thryve asked me to form an LLP with them so he can set themselves and immediate family up long term.

I would have no equity in this but would recieve som form of modest income in return for some maintenance &refurb work.

What are the pros and cons here?

Will it impact future borrowing potential?

Thanks