Tenants in common question

[Bryan P]

I've been thinking about buying a three-flat in Chicago with a friend as tenants in common. I would live in one unit, he'd live in one unit, and we'd rent out the third. Is it hard to get a loan in a scenario like this? Does the bank just add up our gross income to determine how much we'd qualify for? Is 10% down enough? We both have credit scores above 700 which should help us a lot. Let me know what you think.