Does it matter who is on the mortgage/title?

[David Easley]

I'm going in on a 50/50 partnership on a house that will be rental. We're going to setup an LLC to manage the house through, but we wouldn't be able to get a loan in the name of the LLC.

Should we both have our names on the mortgage and both have our names on the title of the house? Or does that matter? Can one of us do that and we just develop some kind of contract outside of that regarding shared ownership?