Advice on morgtage with a partner

[John K.]

Today is just another day I am learning more and more about real estate investing, and I hope soon I will be able to share some light through out the forums. For now I am very new to this area and still need some advice to get me on my way. I do have another post asking a few other questions if any of you feel like looking it up that would be great!

Well today I sat down and really started to think of the how. So the situation is me and a friend/business partner are starting our real estate journey together. He is currently making a substantial amount of money where I am still getting paid by the military and will soon be getting out.

My question is how can we really divide this so it works for the both of us? He has not told me exactly how much he has to put down but he has more then enough for a down payment. In about 6 months I will have about 25k to invest.

We are looking to purchase a multi family home, and hold for several years. The idea is if the first one works out we will obviously grow and purchase more over the years.

I have a few ideas.

1. He shells out the money for the property and puts the mortgage under his name, and then I pay any extra costs and manage the property.

2. We both find a property where my 25k would be 50/50 of the down payment, and then we both manage the property.

I really do not know I am actually stuck on my plan. The thing is when I get out of the military here in a few months I will most likely attending school. With that it allows me to use my G.I Bill which will pay me 3700 a month for 36 months. That sounds good and all but the bank does not count that as income, and obviously will hurt me in the process of getting approved for a loan. I also do not want to hurt the future of me getting a loan for my own home in the next five years. 

I am sorry if it is drawn out. I tried to be as clear as possible, but I am confused myself on what my options will be so we both benefit from this business idea we have.