Partnership question on House Hack

[Sasanka Garapati]

Hello BP community, Entering REI world through partnership. Myself and my buddy we have been friends for more than 15 years and we decided to get into real estate through a multi family Househack. We plan to pooling our money for down payment & closing costs. If one of us qualify for the loan amount and choose to have mortgage under one person, Question:1 How does the other claim ownership on the property?

My understanding is this can be done by keeping the property in LLC and be 50/50 partners in LLC. Are there any other ways to claim ownership with out LLC? What is a better way to go about this?

Question:2 If we plan to buy a second property 1 or 2 years down the lane, how would lenders approach the underwriting?

Question:3  Do we need to watch out for any pitfalls in future for scaling our portfolio together or separately?