Equity partnerships where only 1 person owns the property

[Eric P.]

I'm wondering if anyone has any experience in some sort of partnership arrangement where multiple partners have equity stakes in the deal, but only 1 person owns the property.

For example, I'm thinking about buying a property to flip. I have some friends who want to take part as equity investors, so they can share in the profits. But I feel like if there are multiple owners of the property, financing will be a pain (because some of the other investors have bad credit, have high DTI, etc). So we basically want some sort of legal structure or legal arrangement where we can all profit from the flip as equity partners, but only the one person with the best credit actually makes the purchase and obtains the financing.

Does anyone have experience with this sort of arrangement? Much appreciated!