Partnership not on paper

[Alex Shaughnessy]

Hopefully I explain this clearly, here goes....

My friend and I want to buy a property. I have found a good turnkey company where it appears to make sense. We dont need both of our names on a bank loan to qualify and given that most banks allow only 10 loans at once, I would think doing one in mine and then one in his will be more beneficial. My question is, (and before the scolding comes from doing business w/ friends), if his name is on the loan, and we are not forming a legal entity, would the easiest way to go about this be putting both of our names on title?(if that's a thing), and just having a joint bank account where the property is handled w/ both of us having access?

This is just bare basics. obviously I am still looking into best legal structures but I just wanted some advice for the inner workings for partnership not on paper. hopefully it was clear enough. thank you

[Mindy Jensen]

@Alex Shaughnessy , you did not ask, but I'm going to give advice anyway. Please draw up a legal document right now with your friend, while you're still friends, that gives directions about the partnership. If everything is to be split 50/50, write that down, now. If you or he wishes to be bought out at some point in the future, write down how that will be accomplished. 

Now, when you both still like each other, is the best time to dictate what you want to have happen, should there be a souring of partnership.

I've been here a long time, I've seen a lot of things. Trust me on this one...